SAS Scandinavian Airlines (SK, Copenhagen Kastrup) is to announce the winning bid for an equity stake in the airline as soon it has concluded the ongoing evaluation process, the airline said in a statement.

The equity fundraising forms part of its ongoing Chapter 11 restructuring process in the United States and aims to raise new investments in the reorganised company. The deadline for the submission of bids expired on September 25, and the carrier said it had "noted great interest from potential investors participating in the process". The timetable for its capital raising process was extended by one week at the request of one or more bidders.

Reuters and Bloomberg reported that SAS had received a final round of bids from potential suitors. The airline must raise at least SEK9.5 billion kronor (USD861 million) in new equity and convert or cut its SEK20 billion (USD1.8 billion) debt burden.

SAS is currently seeking court approval for the restructuring process in the US around the turn of the year, to be followed by possible regulatory approvals and other procedures in 2024.

Denmark and Sweden both own a 21.8% stake in the airline, with Denmark expressing openness to increasing its holding. Sweden is willing to convert debt into equity but has said it will not contribute to new capital. Apollo Global Management, a potential bidder, provided a USD700 million debtor-in-possession term loan last year to help it complete its Chapter 11 restructuring process. According to media reports, SAS could delist as Apollo aims for a 70% stake, leaving the Danish state with 30%.