SAS Scandinavian Airlines Faces Battle for Control as Duelling Investors Compete

In a high-stakes bid for control, SAS Scandinavian Airlines (SK) is currently caught in the crossfire between two rival investor groups, with speculation suggesting that the competition may narrow down to a single bidder before the October 2 deadline, according to Norwegian daily Aftenposten.

Reports indicate that one of the leading contenders is a group spearheaded by US private equity firm Apollo Global Management. However, details on the second group remain undisclosed as the battle for dominance unfolds.

SAS Scandinavian Airlines, in the midst of its Chapter 11 restructuring process in the United States, is striving to secure a minimum of SEK 9.5 billion kronor (USD 870 million) in new equity. The airline also seeks to address its substantial SEK 20 billion (USD 1.83 billion) debt burden through a combination of conversion and reduction.

While SAS declined to comment on the ongoing developments, the airline previously stated that the submission of bids had been extended by a week, concluding on September 25, at the request of one or more bidders. The company assured stakeholders that the winning bid would be announced promptly following the completion of the ongoing evaluation process.

As SAS navigates through this pivotal moment in its restructuring journey, the outcome of this investor tug-of-war will significantly impact the future trajectory of one of Scandinavia’s major airlines. Stay tuned for updates as the duelling investors aim to claim control and reshape the path forward for SAS Scandinavian Airlines.