On Monday, Sweden’s SAS AB (SAS.ST) said that the U.S. Bankruptcy Court for the Southern District of New York has approved equity solicitation processes, allowing the airline to secure favorable equity financing arrangements.
The company claimed investors have 13 weeks to bid.
“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,” said SAS president and CEO Anko van der Werff.
In its U.S. Chapter 11 bankruptcy proceedings, the Scandinavian airline raised equity and bids last month.
The airline has said the final sum will depend on bidding and cash generation. It aims to finish the court-supervised process in late 2023.
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