SAS Scandinavian Airlines (SK, Copenhagen Kastrup) has secured the approval of the US Bankruptcy Court for the Southern District of New York for its attempt to secure fresh capital from investors through the use of equity solicitation procedures, it announced in a stock exchange filing.
Through these procedures, the carrier, which entered voluntary bankruptcy protection in the United States in July 2022, “will run a competitive and broad solicitation process to secure the best available terms and conditions for new equity capital,” it said.
The embattled carrier revealed in May 2022 that it needed SEK9.5 billion kronor (USD920 million) in new capital, although in early April 2023 it said that the final sum raised could differ from this amount, depending on the bidding process and whether the airline could generate additional liquidity.
In the latest filing, dated May 15, it said that the deadline for potential investors to present final bids will take place in approximately 13 weeks, with the overall aim of completing its court-supervised process “in the latter part of the second half of 2023.”
“We will conduct a competitive and broad solicitation process to secure equity capital that will help drive our airline forward and facilitate our emergence from the Chapter 11 process,” Anko van der Werff, president and chief executive of SAS, declared.
