Business

Scandinavian airline SAS gets U.S. court approval for $700 mln financing

SAS pilots go on strike after talks break down

Sept 9 (Reuters) – Bankrupt Scandinavian airline SAS AB (SAS.ST) on Friday said it has received U.S. court approval for $700 million of debtor-in-possession (DIP) financing from funds managed by private equity firm Apollo Global Management (APO.N).

The approved credit agreement is a part of the airline's bankruptcy protection process and its terms will be substantially similar to those announced on Aug. 14, SAS said.

Long-struggling SAS, ravaged by the pandemic and pressured by low-cost rivals, sought bankruptcy protection in July as pilots went on a two-week strike, hoping to emerge within nine to 12 months as a more competitive airline.

Some analysts have said that Apollo could become a major shareholder in SAS by converting the loan to equity at the end of the Chapter 11 process.

Source reuters.com

Related posts

Intesa’s profit tops forecast on higher rates, trading

Cynthia Danforth

California power prices soar to highest since 2020 in heat wave

Cynthia Danforth

Explainer: What caused Silicon Valley Bank’s failure?

Cynthia Danforth

Leave a Comment