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Scandinavian Airline SAS Gets US Court Approval For $700m Financing

By Dave Simpson

Bankrupt Scandinavian airline SAS has said it has received US court approval for $700 million of debtor-in-possession (DIP) financing from funds managed by private equity firm Apollo Global Management.

Details

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 14 August, 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.

Loan To Equity Possibility

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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.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.

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