Scandinavian airline SAS is currently evaluating final bids as part of an equity fundraising campaign that recently concluded. The airline, which has been operating under U.S. bankruptcy protection since July 2022, has extended the deadline for final bids twice upon request from interested parties.
SAS has stated that the winner or winners of the bidding process will be announced once the evaluation is complete. The airline’s largest stakeholders, Denmark and Sweden, have expressed their willingness to invest more in SAS if other investors were to acquire a majority stake.
Reuters had previously reported that U.S. asset manager Apollo Global Management Inc (APO.N) was planning to seek approval from Swedish and Danish regulators to take a majority stake in SAS as part of a rescue plan.
Despite ongoing financial struggles, SAS achieved its first quarterly pretax profit since late 2019 during the fiscal third quarter through July. This positive performance was driven by lower fuel costs, higher ticket prices, and robust demand.
Initially, SAS aimed to complete its restructuring by July, but the target has been adjusted to the end of the year. The group’s shares have experienced a year-to-date decline of 36% and were down by 2% in mid-morning trade.
(Conversion rate: $1 = 11.0744 Swedish crowns)