SAS Group's planned reorganisation proceedings in Sweden has been approved by the Stockholm District Court on July 19, 2024. As a result, the company has applied for delisting from Nasdaq stock exchanges in Stockholm, Copenhagen, and Oslo.
All of the company's existing common shares and listed commercial hybrid bonds will be redeemed and cancelled as part of its emergence of the restructuring process.
The plan also includes a significant change to the company's capital structure through the issuance of new unlisted shares to Castlelake, Air France-KLM, Lind Invest, and the Danish State, alongside certain general unsecured creditors who will receive new shares as recovery on account of their claims. The result is a total share capital increase of up to $550 million. It will also redeem or cancel all existing common shares without compensation to shareholders, reducing the share capital by around SEK 8.6bn Swedish krona ($805.6 million). Also, the plan includes a bonus issue without new shares, which will increase the share capital by 4.5bn Swedish krona ($421.5 million).
""The recovery to general unsecured creditors will be distributed in cash and/or new unlisted shares in the company, as well as through contingent value notes that may, under certain conditions, entitle such general unsecured creditors to an additional cash distribution in the future,"" the company read in a statement.
The restructuring is expected to be finalised in August this year.
SAS reorganisation plan given court approval, to delist all common shares and commercial bonds
