DIRS.INFO The most relevant business & tech news

☆ SAS secures $1.2 billion from consortium led by Castlelake, Air France for restructuring
▼ + stars: | 2023-11-04 | by ( ) www.reuters.com time to read: +2 min

The tail fin of a parked Scandinavian Airlines (SAS) airplane is seen on the tarmac at Copenhagen Airport Kastrup in Copenhagen, Denmark, July 3, 2022. The winning bidder consortium which also includes Air France-KLM (AIRF.PA), Lind Invest ApS and the Danish state, increased its proposed investment by $25.26 million. The airline's credit agreement for $505.25 million with Castlelake will be used to refinance its loans, increase liquidity and support its exit from voluntary restructuring proceedings, according to the statement. SAS's chief executive, Anko van der Werff, said: "By entering into this investment agreement, SAS is taking the next step in its Chapter 11 process in the U.S."The company now seeks U.S. Court approval of the investment agreement and the new debtor-in-possession financing as soon as possible in November. Castlelake and Lind Invest did not immediately respond to a request for comment.

Persons: Andrew Kelly, Lind, Castlelake, Anko van der Werff, Gursimran Kaur, Emelia Sithole, Philippa Fletcher, Ira Iosebashvili, Matthew Lewis Organizations: Airlines, SAS, Copenhagen, REUTERS, Scandinavian, Castlelake, Apollo Global Management, Air France, KLM, Lind Invest ApS, Air, U.S, Apollo Global, Lind Invest, Thomson Locations: Copenhagen, Denmark, Danish, Air France, U.S, United States, Bengaluru

☆ Sweden's SAS receives US court approval for equity bid
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

May 15 (Reuters) - Sweden's SAS AB (SAS.ST) said on Monday the U.S. Bankruptcy Court for the Southern District of New York has approved equity solicitation procedures which will allow the airline to secure available terms and conditions for new equity capital. The final deadline for potential investors to bid will take place in approximately 13 weeks, the company said. "We will conduct a competitive and broad solicitation process to secure equity capital that will help drive our airline forward and facilitate our emergence from the Chapter 11 process," Anko van der Werff, president and chief executive officer of SAS said. Last month, the Scandinavian airline had initiated steps to raise equity and bids as part of its ongoing Chapter 11 bankruptcy proceedings in the United States. The airline earlier said the final sum would depend on the bidding process and generation of additional liquidity by the airline.

☆ Airline SAS' losses deepen, warns bankruptcy protection will drag out
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

STOCKHOLM, Nov 30 (Reuters) - Crisis-hit Scandinavian airline SAS (SAS.ST) on Wednesday reported a much deeper loss in its August-October quarter than last year and said it will take slightly longer than previously expected to complete its bankruptcy protection process. SAS, whose biggest owners are the Swedish and Danish governments, said in a statement it aimed to complete its bankruptcy protection process during the second half of 2023. SAS hopes to cut costs by 7.5 billion crowns, raise at least 9.5 billion in new equity and convert more than 20 billion of debt into equity as part of its rescue plan. SAS, which formerly earned a large share of its profits from business travel, is refocusing towards leisure. Its full-year pretax loss adjusted for items affecting comparability widened to 7.94 bllion despite full-year sales doubling to 31.8 billion crowns, in line with guidance given in September.

Search resuls for: "Anko van der Werff"

3 mentions found