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SAS secures $700 million financing to aid restructuring

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Reuters UK

(Reuters) – Scandinavian airline SAS said on Saturday it entered into an agreement with Apollo Global Management to raise $700 million of fresh financing it needs to see it through bankruptcy. The airline filed for bankruptcy protection in the United States in early July to help cut debt after the collapse of wage talks between the airline and its pilots, triggering a 15-day strike that added to travel chaos across Europe. SAS said in a statement it expects to complete the Chapter 11 restructuring process in nine to 12 months. The airline anticipates receiving court approval for its $700 milli…

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