SAS will proceed to serve its clients within the extraordinary course all through this course of.
SAS AB declares that it has utilized for firm reorganization (Sw. företagsrekonstruktion) in Sweden. The opening of the continuing is topic to approval by the Stockholm District Courtroom. The applying is made solely in relation to the listed dad or mum firm of the SAS Group, SAS AB, and never any subsidiaries or the airline as such. SAS’ operations and flight schedule will stay unaffected by the reorganization continuing.
On March 19, 2024, the U.S. Chapter Courtroom for the Southern District of New York confirmed SAS’ chapter 11 plan of reorganization. Software for firm reorganization in Sweden was particularly contemplated by the Chapter 11 Plan and a profitable completion of the Swedish reorganization continuing is a situation for the Chapter 11 Plan to change into efficient. The effectiveness of the Chapter 11 Plan additionally stays topic to approvals from varied regulatory authorities and sure different customary circumstances precedent. SAS presently expects to emerge from its restructuring proceedings across the finish of the primary half of 2024.
Weil, Gotshal & Manges LLP is serving as world authorized counsel and Mannheimer Swartling Advokatbyrå AB is serving as Swedish authorized counsel to SAS. Seabury Securities LLC and Skandinaviska Enskilda Banken AB are serving as funding bankers, and Seabury Securities LLC can also be serving as restructuring advisor to SAS.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Community; his duties embody enterprise growth and planning for TravelDailyNews long-term alternatives.
