Airline distress was evident, however, in a string of airline bankruptcies that continues today. Victims included Avianca Holdings, Philippine Air, and Norwegian Air, which filed for creditor protection in Ireland. This month, Scandinavia’s SAS AB joined the club.
Some have since exited creditor protection, and demand for travel has surged.
Taking Over
SVPGlobal has invested in aviation to some degree since 2005. It formed a joint venture in 2021 with $19 billion Dallas-based asset manager EnTrust Global to acquire DZ Bank’s aircraft leasing and asset-management arm, creating London-based Deucalion -- of which SVP held an initial 50% stake.
Khosla’s fund has grown rapidly in recent years to $18 billion from $10 billion in 2020. Its investment strategy involves loading up on discounted corporate debt and taking ownership in companies through debt-for-equity restructurings.
Through such moves in recent years, it acquired stakes in airport baggage handler Swissport International AG, and building products company Associated Materials Group, among others.
The firm launched its largest fund yet dedicated to investing in troubled companies in 2021, raising $5 billion.
This article was provided by Bloomberg News.