Scandinavian airline SAS said it has received US bankruptcy court approval for its 13.2 billion Swedish crowns ($1.3 billion) investment agreement with a consortium of Castlelake, Air France-KLM, Lind Invest and the Danish state.
The company also received final approval for its new debtor-in-possession financing credit agreement with US based Castlelake for a total of about $500m, boosting the carrier's effort to complete its restructuring and replacing Apollo Global's funding.
Earlier in the month, the court had already approved $450m from Castlelake.
In October, the company said Castlelake would take a stake of about 32%, while Air France-KLM's will be around 20% and the Danish state will hold about 26%, adding that total investments in the reorganised SAS would amount to $1.16 billion.
Scandinavia's biggest carrier filed for bankruptcy protection in the US in the middle of last year after years of struggling with high costs coupled with low customer demand brought on by the pandemic.
