Swedish court approves SAS's reorganisation plan

SAS Scandinavian Airlines (SK, Copenhagen Kastrup) is a step closer to exiting bankruptcy protection, currently scheduled for August 2024, after the Stockholm District Court approved its reorganisation plan in Sweden. The company's Swedish reorganisation is part of the overall turnaround plan approved during SAS's Chapter 11 process in the United States and is a condition precedent for the plan to become effective. Although the timetable may change, SAS anticipates emerging from restructuring in August, which will be contingent on fulfilling all necessary conditions, including regulatory approvals. There is also a three-week appeal period before the court's decision enters into legal force. As part of the Swedish reorganisation, all of the company's existing common shares and listed commercial hybrid bonds will be redeemed and cancelled. Against this background, the company has applied for the delisting of its existing common shares from Nasdaq Stockholm, Nasdaq Copenhagen, and Oslo Børs, and the delisting of its commercial hybrid bonds from Nasdaq Stockholm, pending the legal force of the reorganisation plan.<br/>