SAS obtains financing worth $700 million to support restructuring

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Last Updated on August 14, 2022 by Bitfinsider

The Scandinavian airline SAS announced on Saturday that it has reached a deal with Apollo Global Management to raise the additional $700 million in funding that it needs to avoid bankruptcy.

Following the breakdown of salary negotiations between the airline and its pilots, which resulted in a 15-day strike and increased travel havoc throughout Europe, the airline filed for bankruptcy protection in the United States in early July to assist reduce debt.

In a statement, SAS stated that it anticipated finishing the Chapter 11 restructuring procedure in nine to twelve months. By the end of September, the airline hopes to have the court’s $700 million loan approved.

The walkout, according to SAS Chief Executive Anko van der Werff, expedited the company’s decision to apply for Chapter 11 bankruptcy.

The airline claims that the strike cost them more than $145 million, inconvenienced 380,000 passengers during the busiest travel period of the year, and could harm the company’s ability to obtain new funding.

As of last week, SAS had grounded 3,700 flights due to the strike after reporting a 32% decrease in customers from June to July and a 23% reduction in capacity.

The pilot unions in Sweden, Denmark, and Norway say they won’t go back on strike after voting to ratify the collective bargaining deal they negotiated with SAS last month.

Due to growing competition from low-cost airlines, SAS, which was already losing money prior to the pandemic, had stated that it would need to further reduce costs and seek additional capital in order to survive.

While the Swedish government has denied the request for further financing, Denmark claims that it might contribute new money if SAS also receives backing from investors in the private sector.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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