SAS evaluates bids to be bailed-out from bankruptcy

SAS said on Tuesday, September 26, that the airline is evaluating final bids in an equity fundraising that closed on Monday. The fundraising is part of an ongoing bankruptcy protection process for the Scandinavian airline, which has been under U.S. “chapter 11” bankruptcy protection since July 2022.

“SAS will announce the winning bidder or bidders as soon as the evaluation process has been completed.” The Swedish-listed company said in a statement.

Denmark, the airline’s biggest owner alongside Sweden, has earlier stated that the country is willing to invest more in SAS if other investors are to take a majority stake.

Reuters reported back in May, that U.S. asset manager, Apollo Global Management Inc, was planning to apply for approval to take a majority stake in SAS.

The Scandinavian airline has reported a net loss of 4.41 billion SEK ($398 million) for the November through August period.

Shares in SAS were down 2% in mid-morning trade yesterday – taking a year-to-date fall to 36%.

Source: Reuters

About Miabell Mallikka

Miabell Mallikka is a journalist working with ScandAsia at the headquarters in Bangkok.

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