< Back to insights hub

Press

WFW advises Apollo on US$700m DIP financing for SAS26 September 2022

Watson Farley & Williams (“WFW”) has advised Apollo Global Management (“Apollo”) as special aviation counsel on the US$700m debtor-in-possession (“DIP”) financing for Scandinavian Airlines (“SAS”) as part of the airline’s Chapter 11 restructuring. The financing will be secured against certain SAS assets including take-off and landing slots, unencumbered aircraft and engines, the brand and intellectual property, and shares in EuroBonus AB (which owns the EuroBonus loyalty programme).

SAS is Scandinavia’s leading airline with its main hubs in Copenhagen, Oslo and Stockholm.

Apollo is a leading alternative asset manager, headquartered in the U.S. and operating globally.  Apollo provides businesses with innovative capital solutions and support to fund their growth and position businesses for long-term success.

Patrick Moore, Partner, commented: “We are pleased to have been called on to act as special aviation counsel for Apollo in this transaction, involving these complex collateral asset classes.  The particulars of the transaction drew upon our extensive experience advising on slot financing transactions and aviation sector restructurings, as well conventional asset finance techniques.  It was a pleasure to lead our cross-disciplinary and cross-office team, and to partner with Apollo’s other advisors, including PJT and Akin Gump.”

Jim Bell, Global Aviation Sector Co-Head, commented: “This deal showcases WFW’s expertise in advising on high-value and complex transactions and further cements our position as a global leader in the aviation sector.”

Further details can be found in SAS’s press release here.


DOWNLOAD PDF

Share this Page

< Back to insights hub

Media enquiries