SAS Seeks Court Approval to Raise Equity

DALLAS – SAS Scandinavian Airlines (SK) has announced that it has commenced steps to raise additional equity. This forms part of the troubled carrier’s latest restructuring under Chapter 11 bankruptcy protection. As part of its SAS Forward’ business transformation plan,’ the airline had previously said it aimed to raise at least SEK9.5bn (US$911m). Now SK has said that the final amount “will depend upon the competitive equity raise process along with the Company’s ongoing ability to generate additional liquidity.” SAS will now file a motion with the U.S. Bankruptcy Court for the Southern District of New York to seek approval…