SAS, a Scandinavian airline, reviews the final bankruptcy rescue offers it has received.
World Business News
Date:-26-09-2023
As part of its ongoing bankruptcy protection procedure, Scandinavian airline SAS announced on Tuesday that it was reviewing the final bids submitted for an equity financing round that had concluded the day before.
Since June, the Sweden-listed firm has extended the deadline for final offers twice at the request of bidders. The company has been under U.S. "chapter 11" bankruptcy protection since July 2022.
"As soon as the evaluation process is completed, SAS will announce the winning bidder or bidders," the company added.
When asked about increasing its investment in SAS, the country of Denmark, which is the airline's second-largest owner after Sweden, stated it would be open to doing so.
In May, Reuters reported that Apollo Global Management (NYSE:APO) Inc, a U.S. asset manager, intended to seek clearance from Swedish and Danish regulators to acquire a controlling interest in SAS as part of a turnaround strategy.
Earlier this week, the financially troubled airline revealed a net loss of 4.41 billion Swedish crowns ($398 million) from November through August.
Reduced fuel costs, higher ticket pricing, and robust demand allowed the company to post its first quarterly pretax profit since late 2019.
SAS had hoped to finish its reorganization by July, but now expects to do so by the end of the year.
In midmorning trading, shares had dropped 2%, bringing the group's year-to-date decline to 36%.
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