US court allows SAS to raise new share capital

Scandinavian Airlines has been given the green light to raise new share capital in an attempt to get out of the bankruptcy protection process the company is in the middle of. This has been decided by a US bankruptcy court in New York, the airline said in a press release. “The equity raising is the next important step in SAS Forward, our transformation plan aimed at improving our financial strength,” said Anko van der Werff, President and CEO of SAS. Potential investors must submit their bids to SAS within a period of 13 weeks, the company said. SAS has previously stated – and reiterated again on Monday – that it is seeking to raise a total of SEK 9.5 billion. This corresponds to approximately DKK 6.25 billion. At the same time, it wants to convert debts of SEK 20 billion./ritzau/