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

SAS AB SASDY has entered into a debtor-in-possession (DIP) financing credit agreement for $700 million with Apollo Global Management, Inc. 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