SAS's original timetable to be able to conclude bankruptcy proceedings in the US before mid-2023 has already been shattered, and now the hope of being completed in the US court before the end of the year is also threatened.
This is reported by Norwegian E24.
According to the site, SAS has asked for 100 days with exclusive rights to present, and receive acceptance for, a plan to refinance the company. The exclusive rights mean that only the company SAS can present a so-called Chapter 11 plan to the judge in New York. No dissatisfied creditors can present their own proposals during that period.
SAS further states, according to E24, that the company and its advisors are in ongoing discussions with interested investors. The deadline for bidding for new SAS shares expires on September 18 and the company's goal is to initiate a bidding process.
”"Ending our exclusivity at this critical time would threaten the Chapter 11 process," SAS writes in a court filing.
It is expected that the American venture capital company Apollo Capital, together with the Danish state, will become the two largest shareholders in SAS. But if SAS manages to find a real competitor to Apollo, the bid price could be pushed up, to the delight of the creditors. The more SAS gets paid for the shares that are issued, the more the creditors can save from their claims.
Information obtained by E24 also shows that SAS may be involved in a separate legal process in Sweden, which in that case could run parallel to the conclusion of the process in the USA.
The reason is that American legislation does not cover problems involving certain large creditors who do not have operations in the U.S. If they do not accept the American solution, SAS could be forced into an extra round in Swedish court.
Source: Nyhetsbyrån Direkt
