The approved credit agreement is part of the airline’s bankruptcy protection process and its terms will be substantially similar to those announced on August 14, SAS said.
Long-struggling SAS, ravaged by the pandemic and under pressure from low-cost rivals, filed for bankruptcy protection in July as pilots went on a two-week strike, hoping to ‘merge within nine twelve months as a more competitive airline.
Some analysts have said Apollo could become a major SAS shareholder by converting the loan to equity at the end of the Chapter 11 proceedings.