Brief: SAS AB Provides Update On Expected Recoveries For Creditors In The Chapter 11 Process

Sas AB

05/02/2024 01:33

Feb 4 (Reuters) - SAS AB  SAS.ST :
    * SAS PROVIDES UPDATE ON EXPECTED RECOVERIES FOR CREDITORS
IN THE
CHAPTER 11 PROCESS - OBTAINS SUPPORT OF OFFICIAL COMMITTEE OF
UNSECURED CREDITORS
    * ANNOUNCES THAT IT WILL FILE A SECOND AMENDED CHAPTER 11
PLAN OF
REORGANIZATION
    * HOLDERS OF CO'S LISTED COMMERCIAL HYBRID BONDS ARE
EXPECTED TO
RECEIVE AN INITIAL CASH RECOVERY UP TO 9.4% OF NOMINAL VALUE OF
CLAIM
    * OFFICIAL COMMITTEE OF UNSECURED CREDITORS APPOINTED IN
CHAPTER
11 CASES SUPPORTS CHAPTER 11 PLAN
    * UP TO ABOUT USD 325 MILLION IS EXPECTED TO BE ALLOCATED TO
GENERAL UNSECURED CREDITORS
    * SAS -  COMMON SHARES AND LISTED COMMERCIAL HYBRID BONDS
WILL BE
CANCELLED, REDEEMED AND DELISTED IN CONNECTION WITH EMERGENCE
FROM CHAPTER 11 PROCESS
    * SAS CURRENTLY EXPECTS TO EMERGE FROM CHAPTER 11 PROCESS
AROUND
END OF FIRST HALF OF 2024

Source text for Eikon:  ID:nWkrbJy8yY 
Further company coverage:  SAS.ST 

 ((Reuters.Briefs@thomsonreuters.com;))