SAS Gets $700 Million Bridge Financing From Apollo Global Management
15 August 2022 - 8:14AM
Dow Jones News
By Dominic Chopping
STOCKHOLM--Scandinavian airline SAS AB said Sunday that it has
entered into a $700 million bridge financing agreement with Apollo
Global Management Inc. as it continues working through the chapter
11 bankruptcy-protection process.
The so-called debtor-in-possession, or DIP, financing credit
agreement is a specialized type of bridge financing used by
businesses that are restructuring through a chapter 11 process. The
DIP financing, along with cash generated from the airline's ongoing
operations, enables SAS to continue meeting its obligations
throughout the chapter 11 process, it said.
SAS earlier this year launched a comprehensive restructuring
plan and last month filed for chapter 11 bankruptcy protection in
the U.S., as it seeks to push through the plan to cut costs and
raise capital.
SAS said it anticipates receiving court approval for its DIP
financing by mid-September.
The DIP facility matures nine months after the closing date, but
may be extended for an additional three-month period up to three
times, subject to the company paying an escalating extension
fee.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
August 15, 2022 01:59 ET (05:59 GMT)
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