Braganza AB, the Swedish holding company owned by Norwegian aviation heir Per G. Braathen, has injected 100 million kroner ($10.37 million) of fresh capital and extended a further 60 million kroner loan to regional carrier Braathens Regional Airlines (BRA), according to Dagens Næringsliv.
The move is the third rescue operation Braathen has mounted for the carrier in five years and he has told the newspaper it will be the last.
BRA now flies exclusively as an ACMI supplier to Scandinavian Airlines (SAS), mostly on Swedish domestic sectors.
The carrier has also moved its main operating base from Stockholm Bromma Airport to Stockholm Arlanda Airport, consolidating around the SAS relationship that underpins its post-restructuring business model.
The cash injection follows BRA's third court-supervised financial reconstruction in five years, which ended earlier this year.
The airline first sought creditor protection in October 2023, when shareholders committed SEK114 million under a restructuring plan approved by the Solna District Court in February 2024.
A second collapse followed in September 2025, when the board filed for bankruptcy of the group's Airbus-operating entity, Braathens International Airways, blaming a lack of liquidity after unprofitable jet charter operations for tour operators Ving and Apollo.
The parent company and its ATR-operating subsidiary, Braathens Regional Airways, then entered a fresh reconstruction process, approved by the Solna court on October 3, 2025, as the group narrowed its focus to turboprop ACMI flying for SAS and Austrian Airlines.
"If it doesn't work now, it won't work," Braathen said, but added that he has strong confidence the third attempt will succeed and return the airline to profitability.
BRA's wet-lease relationship with SAS, under a seven-year contract worth SEK6 billion signed in September 2024, remains the core of its restructured business.
The repeated need for owner-funded recapitalisation nonetheless reveals a structural fragility in the regional ACMI capacity that network carriers such as SAS depend on to sustain thin domestic routes across Sweden, a problem that remains unresolved even as Braathen describes this round of funding as final.
