{"id":42325,"date":"2023-11-05T07:47:13","date_gmt":"2023-11-05T07:47:13","guid":{"rendered":"https:\/\/innodebt.com\/news\/sas-secures-1-2-billion-from-consortium-led-by-castlelake-air-france-for-restructuring\/"},"modified":"2023-11-05T07:47:15","modified_gmt":"2023-11-05T07:47:15","slug":"sas-secures-1-2-billion-from-consortium-led-by-castlelake-air-france-for-restructuring","status":"publish","type":"post","link":"https:\/\/innodebt.com\/?p=42325","title":{"rendered":"SAS secures $1.2 billion from consortium led by Castlelake, Air France for restructuring"},"content":{"rendered":"
\n

(Reuters) -Scandinavian airline SAS secured an investment agreement with a consortium for restructuring aid of 13.2 billion Swedish crowns ($1.21 billion), with a loan from Castlelake replacing its previous debtor-in-possession financing by Apollo Global Management (NYSE:), the carrier said on Saturday. <\/p>\n

The winning bidder consortium which also includes Air France-KLM, Lind Invest ApS and the Danish state, increased its proposed investment by $25.26 million.<\/p>\n

In October, the company said Castlelake would take a stake of about 32%, while Air France-KLM’s will be around 20% and the Danish state will hold about 26%, adding that total investments in the reorganized SAS would amount to $1.16 billion. <\/p>\n

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.<\/p>\n

Air France confirmed the increased restructuring aid financing. <\/p>\n

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.”<\/p>\n

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.<\/p>\n

In August of last year, the Scandinavian airline entered into an agreement with U.S.-based investment fund Apollo Global to raise $700 million of fresh financing.<\/p>\n

Scandinavia’s biggest carrier filed for bankruptcy protection in the United States in mid-2022 after years of struggling with high costs coupled with low customer demand brought on by the pandemic.<\/p>\n

Castlelake and Lind Invest did not immediately respond to a request for comment. <\/p>\n

($1 = 10.8856 Swedish crowns)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Reuters) -Scandinavian airline SAS secured an investment agreement with a consortium for restructuring aid of 13.2 billion Swedish crowns ($1.21 billion), with a loan from Castlelake replacing its previous debtor-in-possession financing by Apollo Global Management (NYSE:), the carrier said on Saturday. The winning bidder consortium which also includes Air France-KLM, Lind Invest ApS and the […]<\/p>\n","protected":false},"author":1,"featured_media":3824,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[38],"tags":[],"class_list":{"0":"post-42325","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"\nSAS secures $1.2 billion from consortium led by Castlelake, Air France for restructuring | Innodebt<\/title>\n<meta name=\"description\" content=\"(Reuters) -Scandinavian airline SAS secured an investment agreement with a consortium for restructuring aid of 13.2 billion Swedish crowns ($1.21\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/innodebt.com\/?p=42325\" \/>\n<meta property=\"og:locale\" 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