Scandinavian Airlines (SAS), which is jointly funded by three countries, Denmark, Sweden and Norway, announced on the 5th that it has applied for the application of corporate reorganization procedures under Chapter 11 of the US Bankruptcy Code.
The company, whose recovery from the turmoil caused by the pandemic of the new coronavirus infection has been delayed more than expected, has acquired 20 billion krona (regarding 262 billion yen) worth of debt and regarding 1 billion dollars (regarding 1360). I have been discussing with creditors by raising capital of 100 million yen).
SAS aircraft parked at Gardemoen Airport in Oslo (July 4)
Photographer: Beate Oma Dahle/AFP/Getty images
According to the statement, the company is in a “significantly advanced” stage of talks with creditors to secure additional $ 700 million in DIP financing.
The stock price of SAS temporarily dropped by 9.2% in the Stockholm market on the same day.
Original title:Scandinavia Largest Airline Files for Bankruptcy to Cut Debt (1) (excerpt)