{"id":240913,"date":"2023-05-16T06:59:00","date_gmt":"2023-05-16T04:59:00","guid":{"rendered":"https:\/\/www.travelreport.se\/?p=240913"},"modified":"2023-05-16T06:59:00","modified_gmt":"2023-05-16T04:59:00","slug":"court-gives-sas-the-green-light-for-capital-raise","status":"publish","type":"post","link":"https:\/\/www.travelreport.se\/en\/domstol-ger-sas-gront-ljus-for-kapitalrunda\/","title":{"rendered":"Court gives SAS green light for capital increase"},"content":{"rendered":"
\"\"
Photo: SAS<\/figcaption><\/figure>\n\n\n\n

A US court has now given SAS the green light to proceed with a capital raising round.<\/p>\n\n\n\n

\u201dWe will conduct a competitive and broad capital procurement process to secure new capital,\u201d says SAS CEO Anko van der Werff in a comment.<\/p>\n\n\n\n

At the beginning of April<\/strong>\u00a0SAS announced that it\u00a0taken formal steps to initiate the fundraising round<\/a>\u00a0as the company had long planned as part of its rescue plan.<\/p>\n\n\n\n

After a setback<\/a>, following which SAS was required to return to court with a revised rescue plan, the US Bankruptcy Court for the Western District of New York has now approved SAS\u2019s capital-raising process, according to a press release from the airline.<\/p>\n\n\n\n

\u201dWe will carry out a competitive and wide-ranging capital-raising process to secure new capital that will support the airline\u2019s continued development and facilitate the completion of the Chapter 11 proceedings,\u201d said Anko van der Werff, CEO of SAS, in a statement.<\/p>\n\n\n\n

The company states that the deadline for potential investors to submit final bids expires in 13 weeks.<\/p>\n\n\n\n

Already in connection<\/strong> When the SAS Forward rescue plan was unveiled, the company announced that its aim was to raise at least 9.5 billion kronor in new capital. In addition, SAS intends to reduce or convert 20 billion kronor in debt.<\/p>\n\n\n\n

\u201dThe final size of the capital injection depends on the competitive capital-raising process and the Company\u2019s ongoing ability to generate further liquidity,\u201d the press release states.<\/p>\n\n\n\n

During the process, SAS has established that the value of existing shareholders\u2019 holdings will be very small or nil once the reorganisation process is complete.<\/p>\n\n\n\n

The company aims to conclude the US legal proceedings during the latter part of the second half of this year.<\/p>\n\n\n\n

Air travel is recovering following the pandemic, but SAS continues to face significant headwinds. The Court of Justice of the European Union recently annulled a decision by the European Commission regarding state aid granted to SAS during the early stages of the pandemic. However, it remains unclear for the time being whether SAS will be required to repay the aid, totalling 11 billion kronor, or not.<\/p>\n\n\n\n

Source: DI.SE<\/p>","protected":false},"excerpt":{"rendered":"

Amerikansk domstol ger nu SAS klartecken att g\u00e5 vidare med en kapitalanskaffningsrunda. \u201dVi kommer att genomf\u00f6ra en konkurrensutsatt och bred kapitalanskaffningsprocess f\u00f6r att s\u00e4kra nytt kapital\u201d, s\u00e4ger SAS vd Anko van der Werff i en kommentar. I b\u00f6rjan av april\u00a0tillk\u00e4nnagav\u00a0SAS\u00a0att man\u00a0tagit formella steg f\u00f6r att inleda den kapitalanskaffningsrunda\u00a0som bolaget l\u00e4nge planerat som en del av […]<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[195,200,193],"class_list":["post-240913","post","type-post","status-publish","format-standard","hentry","category-travel-report","tag-tag-flyg","tag-sas","tag-tag-turism"],"acf":[],"yoast_head":"\nDomstol ger SAS gr\u00f6nt ljus f\u00f6r kapitalrunda – Travel Report<\/title>\n<meta name=\"description\" content=\"Domstol ger SAS gr\u00f6nt ljus f\u00f6r kapitalrunda \u2013 L\u00e4s senaste nyheterna fr\u00e5n resebranschen p\u00e5 Travel Report.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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