SAS: Implementation of a bridging loan with the Apollo fund


(CercleFinance.com) – SAS announced on Sunday that it has reached an agreement with funds managed by Apollo regarding the terms of a $700 million bridging loan intended to help it through the bankruptcy procedure it is currently going through in the United States. UNITED STATES.

The American investment fund has agreed to grant the Scandinavian air carrier ‘debtor-in-possession’ (DIP) financing to enable it to meet its obligations and restructure its activities under the regime of Chapter 11 of the US bankruptcy code.

This loan, which has a maturity of nine months, may be extended for an additional nine months.

Earlier last month, SAS filed for US bankruptcy protection after a strike by its pilots ended a fortnight later.

The bankruptcy court for the Southern District of New York, which oversees the procedure, must still give the green light to the bridge loan, a decision expected by mid-September.

On the Stockholm Stock Exchange, SAS shares jumped almost 8% on Monday morning following this information.

Copyright (c) 2022 CercleFinance.com. All rights reserved.



Source link -84