SAS gets green light to sell Wideröe

SAS Group also renegotiates credit facility

SAS Group is closer to closing the sale of Wideröe Flyveselskap AS, as it has now received approval from the Norwegian competition authority. The sale is expected to be completed in September 2013. The airline group says that the resulting cost reductions and divestments will lead to an improvement in its financial position and liquidity.
In connection with the divestment of Wideröe, a credit facility has been renegotiated and amended. In November last year, SAS renegotiated its revolving credit facility of SEK 366 million (€42.6 million) to an amortizing credit facility of MSEK 3,500, divided into two tranches with separate conditions for drawdown and with a maturity dated 31 March 2015.
Lenders are the airline’s majority owners and a syndicate of seven merchant banks, all participating on the same terms.
The Wall Street Journal
[photo courtesy Widerøe]


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