{"id":1923505,"date":"2023-05-03T11:56:49","date_gmt":"2023-05-03T15:56:49","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/exclusive-apollo-seeks-to-take-majority-stake-in-sass-chapter-11-rescue-plan-sources\/"},"modified":"2023-05-03T12:00:14","modified_gmt":"2023-05-03T16:00:14","slug":"exclusive-apollo-seeks-to-take-majority-stake-in-sass-chapter-11-rescue-plan-sources","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/exclusive-apollo-seeks-to-take-majority-stake-in-sass-chapter-11-rescue-plan-sources\/","title":{"rendered":"Exclusive-Apollo aims for majority stake in SAS Chapter 11 rescue plan, say sources."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fexclusive-apollo-seeks-to-take-majority-stake-in-sass-chapter-11-rescue-plan-sources%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1923505&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<h2>Apollo Plans to Take Majority Stake in SAS AB<\/h2>\n<p>By Jacob Gronholt-Pedersen, Greg Roumeliotis and Marie Mannes<\/p>\n<p>U.S. asset manager Apollo Global Management Inc is planning to take a majority stake in SAS AB as part of the Scandinavian airline&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-has-signed-40-executive-orders-and-actions-since-taking-office\/\" title=\"Biden has signed 40 executive orders and actions since taking office\">rescue plan<\/a>. The news has sent the embattled carrier&#8217;s shares up as much as 14% in Wednesday morning trading.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">\n\t\t\t<script>\n\t\t\t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });\n\t\t\t<\/script>\n\t\t<\/div>\n<p>SAS has lost almost 60% of its value since it filed for Chapter 11 bankruptcy protection last July, seeking to slash costs and debt after wage talks with pilots collapsed. A deal with Apollo would be a test of European Union rules, which prevent more than 50% of an airline being held outside the bloc of 27 members.<\/p>\n<h3>Working with Aviation Regulators<\/h3>\n<p>Apollo will mainly work with aviation regulators in Sweden and Denmark to secure approval, according to a source familiar with the matter. The European Commission would also be involved, but the national regulators would be responsible for giving the go-ahead for a change of ownership.<\/p>\n<p>Given a large part of Apollo&#8217;s capital originates from Europe-based investors, the fund is hoping to get approval for a deal. No final decision has yet been made on a possible investment, according to two sources familiar with the matter. The first source said a deal could be done before the year-end. Apollo and SAS declined to comment.<\/p>\n<h3>Experience in the Airline Industry<\/h3>\n<p>This wouldn&#8217;t be Apollo&#8217;s first foray into the airline industry. In 2018, it invested in Sun Country Airlines in an effort to help turn it around, helping it go public in 2021. The company also became the largest shareholder in Mexican airline Aeromexico in 2020 following Chapter 11 bankruptcy proceedings. Those experiences show it can <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/exclusive-apollo-seeks-to-take-majority-stake-in-sass-chapter-11-rescue-plan-sources\/\" title=\"Exclusive-Apollo aims for majority stake in SAS Chapter 11 rescue plan, say sources.\">approach <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">long-term investments<\/a> flexibly<\/a>, the two sources said.<\/p>\n<h3>Government Support<\/h3>\n<p>Any deal would likely need support from Sweden and Denmark, which each own about 22% of SAS. The remainder is controlled by private shareholders. Denmark&#8217;s finance ministry told Reuters it was looking for one or more shareholders to take a majority stake in SAS. Any bailout would require the airline to maintain Copenhagen as a key passenger hub, it said. Sweden has said it won&#8217;t inject more cash in SAS.<\/p>\n<h3>Conclusion<\/h3>\n<p>SAS is looking for large investors and seeking to raise equity as part of its Chapter 11 bankruptcy plan. With Apollo&#8217;s experience in the airline industry and its <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/crenshaw-america-first-means-choosing-country-over-popularity-in-the-foreign-policy-culture-war\/\" title=\"CRENSHAW: \u2018America First\u2019 Means Choosing Country Over Popularity In The Foreign Policy Culture War\">flexible approach<\/a> to long-term investments, it could be the perfect partner for SAS. However, the deal would need approval from Swedish and Danish regulators, as well as government support. It remains to be seen whether Apollo&#8217;s plans will come to fruition.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Jacob Gronholt-Pedersen, Greg Roumeliotis and Marie Mannes COPENHAGEN\/NEW YORK (Reuters) -U.S. asset manager Apollo Global Management Inc plans to apply for approval from Swedish and Danish regulators to take a majority stake in SAS AB as part of the Scandinavian airline\u2019s rescue plan, a source familiar with the matter said. The news of interest<\/p>\n","protected":false},"author":66,"featured_media":1923506,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[6094,11876,25707,5049,4025,12701,25711,6409,3831],"class_list":["post-1923505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann","tag-aims","tag-chapter","tag-exclusive-apollo","tag-majority","tag-plan","tag-rescue","tag-sas","tag-sources","tag-stake"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1923505","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1923505"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1923505\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1923506"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1923505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1923505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1923505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}