SAS Shares Jump as Apollo Provides $700 Million Loan to Airline
- Apollo is likely to become a major shareholder, Sydbank says
- SAS has been hit by debt burden, dwindling cash balance
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SAS AB shares jumped in Stockholm trading after the Scandinavian airline reached a key goal in its restructuring plan by obtaining a $700 million loan from U.S. private equity firm Apollo Global Management Inc.
SAS is struggling with a crippling debt burden that mounted during Covid-19 lockdowns and is threatening the future of the tri-national airline. With the loan, Apollo will probably end up as one of SAS’s main shareholders after the $3 billion restructuring is completed, analysts at Sydbank estimate.