Court approves $700 million DIP financing for SAS

SAS confirmed that the US Bankruptcy Court for the Southern District of New York has approved SAS’ debtor-in-possession (DIP) financing credit agreement for $700 million with funds managed by Apollo Global Management. The airline noted that the terms of the DIP financing credit agreement are “substantially similar” to the terms previously announced by SAS on August 14, 2022. The Court has indicated that it will enter an order approving the DIP financing shortly. SAS announced on August 14, 2022, that it entered into a DIP financing credit agreement for $700 million with Apollo, subject to Court approval. SAS stated that