{"id":239907,"date":"2022-09-09T06:59:00","date_gmt":"2022-09-09T04:59:00","guid":{"rendered":"https:\/\/www.travelreport.se\/?p=239907"},"modified":"2022-09-09T06:59:00","modified_gmt":"2022-09-09T04:59:00","slug":"judge-postpones-decision-on-necessary-bail","status":"publish","type":"post","link":"https:\/\/www.travelreport.se\/en\/domare-skjuter-upp-beslut-om-nodvandigt-sas-lan\/","title":{"rendered":"Judge postpones decision on necessary SAS loan"},"content":{"rendered":"
\"\"
Photo: sas<\/figcaption><\/figure>\n\n\n\n

SAS must wait to be approved for the vital bridge loan of 7 billion kronor, writes\u00a0Dagens N\u00e6ringsliv<\/a>.<\/p>\n\n\n\n

Advisors to the troubled airline failed to convince the bankruptcy court in New York on Wednesday evening, and instead a new decision is expected on Friday.<\/p>\n\n\n\n

On Wednesday evening Swedish time, negotiations began regarding the bridge financing that SAS depends on to get through the so-called Chapter 11 process regarding bankruptcy protection in the USA, writes the Norwegian newspaper Dagens N\u00e6ringsliv.<\/p>\n\n\n\n

The loan is equivalent to SEK 7 billion and the American asset manager Apollo Global Management is responsible for the entire credit. The bridge financing has been described as expensive as the interest rate that applies from the start is double-digit, while a long list of other clauses can entail additional costs.<\/p>\n\n\n\n

Bankruptcy Court Judge Michael E. Wiles noted Wednesday night that the loan agreement contains many terms and conditions. He noted, among other things, that Apollo will have many advantages when SAS refinances at a later date. According to him, there is much evidence that Apollo will be secured an opportunity to buy shares in the airline \u2013 without a competing offer from another investor.<\/p>\n\n\n\n

SAS's advisors have repeatedly argued for the emergency loan to be approved. An initial disbursement of $350 million, equivalent to 3.7 billion kronor, is scheduled to be made next week, which is described as necessary for SAS to be able to reimburse travelers affected by the pilot strike in July.<\/p>\n\n\n\n

In the end, the judge chose to postpone the decision to approve Apollo as a lender. A new announcement is expected on Friday evening when new negotiations will take place, the Norwegian newspaper writes.<\/p>\n\n\n\n

Source: DI.SE<\/p>","protected":false},"excerpt":{"rendered":"

SAS f\u00e5r v\u00e4nta p\u00e5 att f\u00e5 godk\u00e4nt f\u00f6r det livsviktiga bryggl\u00e5net p\u00e5 7 miljarder kronor, skriver\u00a0Dagens N\u00e6ringsliv. R\u00e5dgivare till det krisande flygbolaget lyckades inte \u00f6vertyga konkursdomstolen i New York p\u00e5 onsdagskv\u00e4llen, och i st\u00e4llet \u00e4r ett nytt beslut att v\u00e4nta p\u00e5 fredag. P\u00e5 onsdagskv\u00e4llen\u00a0svensk tid inleddes f\u00f6rhandlingar om den bryggfinansiering som\u00a0SAS\u00a0\u00e4r beroende av f\u00f6r att […]<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[179],"tags":[195,200,193],"class_list":["post-239907","post","type-post","status-publish","format-standard","hentry","category-flyg","tag-tag-flyg","tag-sas","tag-tag-turism"],"acf":[],"yoast_head":"\nDomare skjuter upp beslut om n\u00f6dv\u00e4ndigt SAS-l\u00e5n – Travel Report<\/title>\n<meta name=\"description\" content=\"Domare skjuter upp beslut om n\u00f6dv\u00e4ndigt SAS-l\u00e5n \u2013 L\u00e4s senaste nyheterna fr\u00e5n resebranschen p\u00e5 Travel Report.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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