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SAS Secures $700M In Debtor-In-Possession Financing

Benzinga Real-time News · Aug 15, 2022 07:40

APO +0.30% SASDY --

- SAS AB (OTC:SASDY) has entered into a debtor-in-possession (DIP) financing credit agreement for $700 million with Apollo Global Management, Inc. (NYSE:APO).
- DIP financing is a specialized type of bridge financing used by businesses that are restructuring through a chapter 11 process.
- SAS filed for bankruptcy protection in July to cut its debt burden.
- Related: Pilot Strike Forces SAS To File For Chapter 11 Bankruptcy In US
- The DIP financing, along with cash generated from the company's ongoing operations, will enable SAS to continue meeting its obligations throughout the chapter 11 process.
- "With their substantial financing commitment, we can now focus entirely on accelerating the implementation of our SAS FORWARD plan, and to continue our more than 75-year legacy of being the leading airline in Scandinavia," said board chairman Carsten Dilling.
- Photo Via Company

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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