Scandinavian airline SAS (SAS.ST) has entered into a new credit agreement for 5.5 billion Swedish crowns ($505.5 million) with U.S. investment firm Castlelake to refinance its loans, increase liquidity and support its exit from voluntary restructuring proceedings, the airline said on Saturday.
The tail fin of a parked Scandinavian Airlines airplane is seen on the tarmac at Copenhagen Airport Kastrup in Copenhagen, Denmark, July 3, 2022. REUTERS/Andrew Kelly/File Photohas entered into a new credit agreement for 5.5 billion Swedish crowns with U.S. investment firm Castlelake to refinance its loans, increase liquidity and support its exit from voluntary restructuring proceedings, the airline said on Saturday.
The loan provided by Castlelake will refinance and replace the company's existing debtor-in-possession financing credit agreement of 7.7 billion crowns "By entering into this investment agreement, SAS is taking the next step in its chapter 11 process in the US," CEO Anko van der Werff said in a statement.
The company said it would seek U.S. Court approval of the investment agreement and the new debtor-in-possession financing as soon as possible in Nov 2023. SAS said the financing comes as part of the transaction structure agreed with a consortium consisting of Castlelake, Air France-KLM S.A.stake of about 32% in SAS, Air France-KLM's will be around 20% and the Danish state will hold about 26%,Scandinavia's biggest carrier filed for bankruptcy protection in the United States in mid-2022 after years of struggling with high costs coupled with low customer demand brought on by the pandemic.
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