The loan comes from the American venture capital firm Apollo Management and is described as crucial given the situation SAS finds itself in after the summer strike. A debt restructuring is underway since the airline filed for bankruptcy protection in the US in July.
“With the court's approval of our DIP financing, we are taking an important step forward in our Chapter 11 process,” says Anko van der Werff, CEO of SAS, in a press release.
The crisis loan is equivalent to 7.1 billion kronor. At the same time, SAS only has a few days to repay Norwegian customers after this summer's strike, reports the newspaper Aftenposten.
The judge in the case, Michael Wiles, is, however, doubtful about certain parts of the loan agreement and therefore demands that SAS's lawyers review and adjust some of the points over the weekend, reports the Norwegian newspaper Dagens Næringsliv.
Source:TT-Aftonbladet.se
