The airline's restructuring plan has been sent to interested parties today, and SAS intends to request that the Stockholm District Court decide on a plan negotiation shortly. The plan includes, among other things, that the outstanding common shares become worthless.
The planning meeting will likely take place in the second half of July, according to a press release from the airline.
According to SAS, the proposed debt settlement in the restructuring plan is "substantially consistent" with the Chapter 11 plan that has previously been approved as part of SAS's Chapter 11 proceedings in the United States.
The restructuring plan means that SAS's unsecured creditors (including holders of the company's listed commercial hybrid bonds) will receive a "relatively small compensation" while creditors "will not receive any compensation at all".
SAS further states that there will be no value left for the company's existing shareholders, a message in line with previous statements from SAS. This finally confirms that the outstanding common shares will become worthless.
The airline further states that they intend to complete the reconstruction processes in Sweden and the US and fulfill all remaining conditions for the transaction as soon as possible.
”"SAS's goal is for this to happen during the summer of 2024, but this timeframe may change," it says.
It has long been clear in principle that SAS shares will be withdrawn without compensation to the owners. But trading has continued to be hot during the spring with occasional sharp price fluctuations. Around the turn of the month, for example, SAS shares had several trading days with price movements of over 20 percent.
Monday's trading was more modest, however, with a rise against the current of 1.8 percent to 3.4 öre.
Source: Dagens Industri
