SAS is extending the deadline for raising new capital by four weeks, according to a press release. The process has been described as crucial for the struggling airline.

In May, SAS received the green light from a US court to begin the capital raising process that has been in the pipeline since the SAS Forward restructuring plan was launched at the beginning of last year. The hope was to be able to raise SEK 9.5 billion in new capital from investors. 

”"The company has since noted great interest in participating in the process from potential financial and strategic investors," SAS writes in the press release.

The deadline for the process was at the end of August, but on Thursday the airline announced that the process would be extended by approximately four weeks. 

”"Following initial discussions with potential investors, SAS has decided to extend the deadline for the process to provide investors with sufficient time to prepare their bids and for SAS to evaluate potential bids," the company writes.

With the new schedule, investors will be able to place indicative bids on July 17 and final bids on September 18 of this year. The company writes that it aims to complete the court process in the US around the turn of the year. 

Source: DI.SE