SAS Gets Backing to Raise Capital in Bid to End Insolvency (1)

SAS AB won backing from a US court to secure fresh capital from investors as the Scandinavian airline seeks to emerge from its bankruptcy filing.

Stockholm-based SAS filed for Chapter 11 in July amid headwinds from the Covid-19 pandemic, high fuel prices and a pilot strike. The company has given potential equity investors a deadline of about 13 weeks to present final bids, according to a statement late on Monday.

The airline struggledlast year to get the backing of its largest shareholders for the financial restructuring. While Denmark said it’s open to adding to its holding, Sweden’s government flagged ...