Fra SAS i meddelelse af 7. august 2020:
If the revised recapitalization plan is not implemented and fails, SAS will not be able to remedy the liquidity shortage and the negative equity caused by the COVID-19 outbreak, which could have a material adverse effect on the Company’s financial condition. Should SAS as a result of such material adverse effect on its financial condition be forced to file for bankruptcy, it is likely that the holders of the Existing Hybrid Notes and the Bonds will not be able to recover any of their claims under the notes.(kursiveret af Red)
SAS has conducted negotiations with certain major holders of the SAS MSEK 1,500 subordinated perpetual floating rate capital securities (the “Existing Hybrid Notes”) and the SAS MSEK 2,250 senior unsecured fixed rate bond due November 2022 (the “Bonds”), led by Spiltan Fonder (the “Noteholders’ Committee” or the “NHC”).
These negotiations have resulted in an agreement in principle that mainly includes (a) revised conversion terms for the Existing Hybrid Notes into common shares and (b) an amendment regarding the conversion of the Bonds, now intended to be converted into new commercial hybrid notes or common shares at the option of the Bondholders pursuant to a separate offer to the holders of the Bonds (the “Bondholder Offer”). The Board of Directors of SAS has approved the agreement in principle, subject to approval by an extraordinary shareholders’ meeting.
The Existing Hybrid Notes are proposed to be exchanged for common shares in the Company at 90% of par value and at a subscription price of SEK 1.16 per share. As announced on 22 July 2020, the Company will pay the deferred interest on the Existing Hybrid Notes in connection with the conversion into common shares of the Existing Hybrid Notes.
