SAS upsizes and inks DIP replacement facility

SAS has entered into an investment agreement with the winning bidder consortium in its exit financing solicitation process, consisting of Castlelake, Air France-KLM and Lind Invest, together with the Danish state. As part of the agreed transaction structure, SAS has also entered into a new debtor-in-possession (DIP) financing credit agreement for US$500 million (SEK 5.5 billion) with Castlelake to refinance SAS’ existing DIP term loan, increase liquidity, and support SAS’ path to exit from its voluntary restructuring proceedings. The agreements are subject to review and approval by the US Bankruptcy Court for the Southern District of New York.  On October