Scandinavian Airlines (SAS) announced on April 13 that it will defer interest payments due April 24 and 26 on its perpetual capital securities, as part of the Company’s SAS FORWARD plan and voluntary chapter 11 process in the US.
"The deferral of interest payment is made in accordance with the terms and conditions for the respective capital securities", SAS said in a statement.
The announcement "means that SAS defers the approximately SEK 56.3 million (US$ 5.5 million) semi-annual interest payment due April 24, 2023 on its outstanding SEK 1,615 million perpetual capital securities with ISIN SE0014957999" and does likewise with "the approximately SEK 216.4 million semi-annual interest payment due April 26 on its in aggregate outstanding SEK 6,000 million subordinated perpetual capital securities with ISIN SE0014958005 and SE0014958013".
The carrier's restructuring plan was put together as part of its US bankruptcy proceedings.
The day before the announcement of the interest payment deferrals, SAS shares on the Stockholm Stock Exchange dropped from 0.35 kronor to a low of 0.24 kronor after Danish media reported that the carrier faced de-listing.