On August 14, 2022, SAS announced that it entered into a DIP financing credit agreement for USD 700 million with Apollo, subject to Court approval. The terms of the DIP financing credit agreement approved by the Court today are substantially similar to the terms previously announced by SAS.

DIP financing is a specialized type of bridge financing used by businesses that are restructuring through a chapter 11 process. The DIP financing, along with cash generated from the Company’s ongoing operations, enables SAS to continue meeting its obligations throughout the chapter 11 process.

Anko van der Werff, President and Chief Executive Officer of SAS, comments:

“With the Court’s approval of our DIP financing, we are making important progress in our chapter 11 process. The DIP financing agreement with Apollo followed an extensive and competitive process that we conducted to achieve the best financing outcome for SAS, and we are pleased that the Court has approved it. I’d like to thank our employees for their hard work and dedication, as well as our business partners for their support as we continue moving through this process. We continue to make progress with the SAS FORWARD plan, and our work to build a competitive and even better airline for our customers.”