Sweden's SAS AB said on Monday the U.S. Bankruptcy Court for the Southern District of New York has approved equity solicitation procedures which will allow the airline to secure available terms and conditions for new equity capital.
The final deadline for potential investors to bid will take place in approximately 13 weeks, the company said.
"We will conduct a competitive and broad solicitation process to secure equity capital that will help drive our airline forward and facilitate our emergence from the Chapter 11 process," Anko van der Werff, president and chief executive officer of SAS said.
Last month, the Scandinavian airline had initiated steps to raise equity and bids as part of its ongoing Chapter 11 bankruptcy proceedings in the United States.
The airline earlier said the final sum would depend on the bidding process and generation of additional liquidity by the airline. It now plans to complete its court-supervised process in the latter part of the second half of 2023.
($1 = 10.1526 Swedish crowns)
(Reporting by Urvi Dugar in Bengaluru; Editing by Chris Reese and Lisa Shumaker)
