Yahoo TV

STORY: SAS shares took a massive fall on Wednesday (October 4).

The Scandinavian airline's stock price was down 95% at the market open, before regaining some ground.

Investors fled after the company announced new big shareholders late on Tuesday (October 3).

They join as part of a restructure that will see the group delisted from bourses, and ownership stakes erased.

SAS said U.S. investment firm Castlelake and Air-France KLM would become new major shareholders in the airline, alongside the Danish state.

Scandinavia's biggest carrier filed for bankruptcy protection in the U.S. last year.

The move came after years of struggling with high costs and low customer demand during the health crisis.

SAS said Castlelake will take a stake of just under a third of the company, while Air France-KLM will own around 20%.

The Danish state will hold just over a quarter.