Bridge financing for SkyEurope before potential takeover
Longstock SAPO Ltd, a limited liability company newly created by SAPO International of Athens, Greece, and Longstock Financial Group of Lisbon, Portugal, and with registered offices in Gibraltar, has granted a bridge loan facility of EUR 10 million to SkyEurope Airlines, the wholly-owned subsidiary of SkyEurope Holding. According to the SkyEurope investor relations website, the move precedes a possible future equity injection into SkyEurope Holding by Longstock SAPO.
In its press release, however, Longstock SAPO says it intends to acquire a controlling interest in SkyEurope Holding, which is registered in Vienna, subject to regulatory approval. Longstock SAPO does not intend to launch a mandatory takeover bid for SkyEurope, but to apply for the restructuring privilege under the Austrian Takeover Act.