SAS said on January 11 it was notifying bondholders that it would not be meeting a January 14 deadline for the payment of interest on bonds relating to its bankruptcy proceedings in the US.
"Scandinavian Airlines System Denmark – Norway – Sweden (SAS) gives notice that it will not make the interest payment due on January 14, 2023 on its CHF 200,000,000 perpetual subordinated bonds 1986ff (with an outstanding amount of CHF 127,195,000) with ISIN CH0006125253 (the “Swiss Bonds”), as part of the voluntary chapter 11 process in the U.S," the carrier said in a statement
"The holders of the Swiss Bonds have been notified of the non-payment in accordance with the terms and conditions for the Swiss Bonds", SAS added.
The carrier said in July 2022 that it had filed voluntary petitions under chapter 11 of the US Bankruptcy Code, a move it said was to "accelerate" its transformation by implementing "key elements" of a cost-cutting and capital-raising blueprint.
