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