SAS has lost almost 60% of its value since it filed for Chapter 11 bankruptcy protection last July, seeking to slash costs and debt after wage talks with pilots collapsed. Apollo will mainly work with aviation regulators in Sweden and Denmark to secure approval, the first source said. The move comes as the airline looks for large investors and seeks to raise equity as part of its Chapter 11 bankruptcy plan. Denmark's finance ministry told Reuters it was looking for one or more shareholders to take a majority stake in SAS. The company also became the largest shareholder in Mexican airline Aeromexico (GRPAF.PK) in 2020 following Chapter 11 bankruptcy proceedings.

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