SAS airplanes are parked on the Oslo Airport Gardermoen, as Scandinavian airways (SAS) pilots go on strike, Norway July 4, 2022. Beate Oma Dahle/NTB through REUTERS
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Sept 9 (Reuters) – Bankrupt Scandinavian airline SAS AB (SAS.ST) on Friday mentioned it has acquired U.S. court docket approval for $700 million of debtor-in-possession (DIP) financing from funds managed by non-public fairness agency Apollo World Administration (APO.N).
The accepted credit score settlement is part of the airline’s chapter safety course of and its phrases can be considerably just like these introduced on Aug. 14, SAS mentioned.
Lengthy-struggling SAS, ravaged by the pandemic and pressured by low-cost rivals, sought chapter safety in July as pilots went on a two-week strike, hoping to emerge inside 9 to 12 months as a extra aggressive airline.
Some analysts have mentioned that Apollo might grow to be a significant shareholder in SAS by changing the mortgage to fairness on the finish of the Chapter 11 course of.
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Reporting by Jyoti Narayan in Bengaluru; Modifying by Devika Syamnath
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