Parties affected by the proposed re-organisation of Scandinavian operator SAS’s parent company will have the chance to vote on the scheme on 12 July.
Parent SAS AB is undergoing re-organisation in Sweden in connection with the restructuring of SAS taking place under US Chapter 11 protection.
The Stockholm district court has set a 12 July date for the plan hearing, the company states.
“All affected parties in the company reorganisation proceeding – including creditors and holders of the company’s common shares – may participate in the plan hearing and vote on the re-organisation plan,” it adds.
SAS AB’s re-organisation plan lists nine groups of affected parties, which broadly fall into five categories.
Debtor-in-possession lenders – entities linked to investor Castlelake – have the most senior claim, amounting to SKr5.58 billion ($533 million).
There are three groups categorised as general unsecured creditors, and these include the Norwegian government agency Eksfin, as well as lessors and suppliers.
The Swedish tax agency stands in its own category, as a creditor with public-law related claims.
Holders of Swiss bonds are considered subordinate creditors alongside the Swedish and Danish governments as creditors under state hybrid notes.
SAS AB’s plan lists shareholders in the final category. Its largest shareholders are the Swedish and Danish governments, each with 21.8%, with other investors including Wallenberg funds.
There are around 190,000 shareholders in the company, with the 10 largest accounting for about 49.8% of its ownership.
While the debtor-in-possession lenders will receive full payment for their claims, other key creditors will only receive a small portion of their claim amounts, while some – notably the subordinated creditors and shareholders – will not receive any recovery on claims, or consideration for shares, in the debt settlement.
