SAS AB Extends Equity Solicitation Process

by Warren Seah

SAS AB has announced an extension of its equity solicitation process, granting an additional week at the request of one or more bidders. The new deadline for potential investors to submit their bids is now September 25.

The Scandinavian airline has attracted significant interest from potential investors who are actively participating in the process. This comes after SAS filed for Chapter 11 bankruptcy last year, aiming to undergo a comprehensive financial restructuring to address its high debt and lack of cash. The company is seeking to reduce costs, raise capital, and make strategic changes under the supervision of the U.S. court system.

In an effort to achieve its goals, SAS has implemented measures to cut annual costs by 7.5 billion Swedish kronor ($674.1 million). It also plans on converting or reducing approximately SEK20 billion of debt and hybrid notes, while simultaneously raising a minimum of SEK9.5 billion in new capital.

Furthermore, this year SAS initiated a process to solicit equity investment. The company is determined to complete its court-supervised proceedings in the U.S. by the end of this year.

You may also like

Leave a Comment