[ad_1]
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.
(Reporting by Jyoti Narayan in Bengaluru; Editing by Devika Syamnath)
((Jyoti.Narayan@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
[ad_2]
Source link
