SAS: bridge loan approved by US court
(CercleFinance.com) - On Friday a New York court approved a 700 million dollar bridge loan to help SAS through the bankruptcy proceedings the Scandinavian airline is currently undergoing in the US.
Last month SAS reached an agreement with funds managed by Apollo on the terms of a loan to help it meet its obligations and restructure its operations under Chapter 11 of the US bankruptcy law.
The decision by the US District Court for the Southern District of New York, which is overseeing the proceedings, will enable the Nordic carrier to continue with its business transformation plan, known as "SAS Forward", with the aim of improving its competitiveness and service to customers.
SAS shares were up over 9% on Monday on the Stockholm Stock Exchange following these announcements.
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