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The billions flow out of the airline SAS, and the company is likely to have to make a hefty refinancing this spring. On Tuesday, SAS’s CEO Anko van der Werff announced a need for at least SEK 9.5 billion in fresh equity.
Now writes Swedish SVT that an economic collapse in SAS could mean that the Chinese state-owned bank CDB becomes indirect or direct part owners in SAS.
The reason is supposed to be the so-called lease-back agreements SAS, and most other airlines have, writes SVT.
In March 2021, CDB and SAS entered into a long-term agreement in which SAS sold four Airbus aircraft to CDB’s Irish subsidiary CDB Aviation, which in turn leases or leases the aircraft back to SAS.
If SAS can no longer pay the rent, the agreement can be converted into loans or shares in SAS.
West opens for comeback
On Thursday also came the news that the Labor and Social Democrat government can make a comeback on the ownership side of SAS.
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Minister of Trade and Industry Jan Christian Vestre has so far hired the brokerage house ABG Sundal Collier and the law firm Wiersholm to look into the possibility.
During the pandemic, the Norwegian state provided NOK 1.5 billion in crisis assistance to SAS through loan guarantees, and it is this debt item that can probably be converted into shares.
Another scenario is that the state gives a new loan to SAS, as it did in the refinancing of the competitor Norwegian last year. The state then accepted that the first loan was reduced, before re-entering as a lender with strict conditions.
«New investors»
SAS’s investor presentation from the quarterly accounts on Tuesday states that today’s shareholders must expect a dilution when the new equity of NOK 9.5 billion is raised.
– A significant part will probably be obtained from new investors, which will lead to a dilution of the current shareholders, the management wrote.
Among today’s shareholders, the trio consisting of the Wallenberg family, the Danish state and the Swedish state are central. According to the SAS management, the two state owners may have problems providing equity to SAS due to EU regulations. This opens up for new investors.
The Danish and Swedish governments will admittedly remain shareholders, as their large creditor positions can be converted into shareholdings.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other use of all or part of the content may only take place with written permission or as permitted by law. For additional terms look here.
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