Brief: SAS Says Co Receives Court Approval Of Chapter 11 Plan

Sas AB

19/03/2024 18:55

March 19 (Reuters) - SAS AB  SAS.ST :
    * SAS RECEIVES COURT APPROVAL OF CHAPTER 11 PLAN
    * ALL OF SAS AB'S COMMON SHARES AND LISTED COMMERCIAL HYBRID
BONDS
ARE EXPECTED TO BE CANCELLED, REDEEMED AND DELISTED
    * SAS' OPERATIONS AND FLIGHT SCHEDULE REMAIN UNAFFECTED BY
RESTRUCTURING PROCEEDINGS
    * SAS WILL CONTINUE TO SERVE ITS CUSTOMERS IN ORDINARY
COURSE
THROUGHOUT THIS PROCESS
    * THROUGH AMENDED LEASE AGREEMENTS, SAS EXPECTS TO ACHIEVE
TARGETED ANNUAL COST SAVINGS OF AT LEAST SEK 1.0 BILLION
    * AGREED TRANSACTION STRUCTURE INCLUDES A TOTAL INVESTMENT
IN
REORGANIZED SAS CORRESPONDING TO USD 1,200 MILLION
    * AGREED TRANSACTION STRUCTURE INCLUDES A TOTAL INVESTMENT
IN
REORGANIZED SAS CORRESPONDING TO USD 1,200 MILLION,
    * CHAPTER 11 PLAN, WHICH WAS APPROVED BY COURT TODAY, IS
SUPPORTED
BY MORE THAN 99 PERCENT OF CREDITORS THAT VOTED ON CHAPTER 11
PLAN
    * SAS CURRENTLY EXPECTS TO EMERGE FROM CHAPTER 11 PROCESS
AROUND
END OF FIRST HALF OF 2024
    * REITERATES ITS EXPECTATION THAT THERE WILL BE NO RECOVERY
FOR
SUBORDINATED CREDITORS AND NO VALUE FOR SAS AB'S EXISTING
SHAREHOLDERS

Source text for Eikon:  ID:nWkr7vwzCJ 
Further company coverage:  SAS.ST 

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