Scandinavian Airlines Seeks $700 Million in Ch. 11 Funding

By Vince Sullivan (July 6, 2022, 11:54 a.m. EDT) – Forced to file for bankruptcy sooner than expected due to a pilot strike, Scandinavian Airlines System will focus on securing a final $700 million commitment. dollars in Chapter 11 funding in the coming weeks that will help fund its case and complete an extensive financial and operational restructuring.

The national flag carrier of Sweden, Denmark and Norway filed for bankruptcy in New York court on Tuesday before it could reach terms with proposed debtor-in-possession lenders, according to a day-one statement from the chief financial officer. Erno Hilden. SAS has received interest from a number of investors for providing the financing that would have enabled…

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