Recapitalization plan of Scandinavian Airlines — SEK 15.75 billion

Carnegie acted as financial advisor to the Kingdom of Sweden in their role as a stake-and shareholder in the recapitalization plan of Scandinavian Airlines. In order to secure a sufficient financial preparedness in line with the Company’s financial targets and to restore the equity level to pre Covid-19 levels, SAS required a recapitalization amounting to about SEK 16bn. October 2020.