Airline SAS expects to cancel all common shares, hybrids by June
Scandinavian airline SAS will cancel and redeem all of its common shares and commercial hybrid bonds when it emerges from Chapter 11 bankruptcy proceedings in the US around June. “SAS reiterates its expectation that there will be only a modest recovery for general unsecured creditors, no recovery for subordinated creditors and no value for SAS AB’s existing shareholders,” the carrier said in a statement released at 11 p.m. Stockholm time on Tuesday. The airline also set out financial targets for the year having secured a $1.2b restructuring last fall with a consortium including Air France-KLM and private equity firm Castlelake LP taking a stake in the ailing company. The debt-burdened carrier had filed Chapter 11 bankruptcy protection in July in the wake of the Covid-19 pandemic, high fuel prices and a pilot strike. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2024-01-25/star/airline-sas-expects-to-cancel-all-common-shares-hybrids-by-june
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Airline SAS expects to cancel all common shares, hybrids by June
Scandinavian airline SAS will cancel and redeem all of its common shares and commercial hybrid bonds when it emerges from Chapter 11 bankruptcy proceedings in the US around June. “SAS reiterates its expectation that there will be only a modest recovery for general unsecured creditors, no recovery for subordinated creditors and no value for SAS AB’s existing shareholders,” the carrier said in a statement released at 11 p.m. Stockholm time on Tuesday. The airline also set out financial targets for the year having secured a $1.2b restructuring last fall with a consortium including Air France-KLM and private equity firm Castlelake LP taking a stake in the ailing company. The debt-burdened carrier had filed Chapter 11 bankruptcy protection in July in the wake of the Covid-19 pandemic, high fuel prices and a pilot strike. <br/>
