The case is being updated.
SAS writes in the report that it has had discussions with certain large holders of hybrid bonds worth a total of SEK 1.5 billion with floating interest rates, and the senior unsecured bond loans with fixed interest rates and duration until 2022 of SEK 2.25 billion.
SAS has agreed to adjust the terms for the conversion of the hybrid bonds into equities, and of the unsecured bond loans into hybrid bonds or equities.
However, SAS states in the report that discussions are still ongoing with the Swedish and Danish start-ups about the revised recapitalization plan, which the airline is working on after being hit hard by revenue falls during the corona crisis.
If this fails, SAS will not be able to repair the liquidity shortage as a result of the corona crisis and the negative equity will have a significant negative effect on the company’s financial position.
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“Should SAS be forced to file for bankruptcy as a result of such a significant negative effect on the financial position, the holders of the existing hybrid bond loans and the unsecured bond loans will not be able to collect their bond receivables.”
This is the offer
The offer is that the owners of the hybrid bonds are proposed to be converted into shares in the company at 90 per cent of the values of the hybrid bonds at a subscription of NOK 1.16 per share.
The bonds are proposed to be converted into unsecured hybrid bonds with variable interest rates and perpetual maturity in the company to 100 per cent of the nominal amount.
SAS announces that they will soon announce further information about the revised plan and the implementation of the plan. Furthermore, SAS states that the plan must be approved by the European Commission and approved at an extraordinary general meeting.
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