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SAS Group receives approval to sell Widerøe and renegotiates credit facility

17-Jun-2013 9:36 AM

Norwegian Competition Authority approved (14-Jun-2013) the SAS Group’s sale of Widerøe Flyveselskap AS. The closing of the sale is expected to take place in Sep-2013. The sale was performed in accordance with the SAS Group's 4XNG restructuring plan in an effort to improve the airline's financial position and liquidity. Meanwhile SAS renegotiated and amended its amortising credit facility, The actions under the 4XNG restructuring plan have allowed the ailrine to reduce the facility from SEK3.5 billion (EUR407.25 million) to SEK2 billion (EUR232.7 million). The facility is divided into two tranches with separate conditions for drawdown, one with a maturity on 01-Jun-2013 and one with a maturity on 31-Mar-2015.The facility remains undrawn. [more - original PR]