Private equity firm Apollo Global Management has provided $700 million in funding to SAS AB as the Scandinavian airline tries to regain its financial health, according to Bloomberg.
Stockholm-based SAS expects to receive court approval for the financing by mid-September, it said in a statement. The loan for the debtor will allow her to continue meeting her obligations throughout the chapter 11 bankruptcy process.
A crushing debt burden, reduced cash balance and a significant drop in its share price have left the future of the tri-national airline hanging in the balance. It filed for U.S. bankruptcy protection on July 5 and said last week that it expects the process to be completed within nine to 12 months.
Source: Capital
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