SAS AB confirms restructuring plan

SAS AB has confirmed its reorganisation plan as part of its restructuring proceedings in Sweden. The reorganisation plan includes SAS AB's debt settlement proposal and proposed resolutions on its issuance of new unlisted shares to the new investors (Castlelake, on behalf of certain funds or affiliates, Air France-KLM, and Lind Invest, together with the Danish state), as well as certain general unsecured creditors that will receive new shares as a recovery on account of their claims, redemption and cancellation of all of the company’s existing common shares. On March 27, 2024, SAS applied for company reorganization in Sweden in accordance with the Swedish Reorganization Act. On the same date, the court approved the application, which was later confirmed by the Court at a creditors’ meeting held on April 17, 2024: “The reorganization plan has been distributed to affected parties, and the company intends to request that the Court decide to open plan proceedings in short order."" The plan hearing is expected to take place around the week commencing July 15, 2024. SAS explained that the restructuring plan was “specifically contemplated by the Chapter 11 Plan” and is “materially consistent” with the Chapter 11 filing. SAS intends to complete the restructuring proceedings in Sweden and the US and fulfil all remaining conditions for the transaction, ""as soon as possible"", ideally ""during the summer of 2024, but this timetable may change”.