SAS Set To File Second Amended Chapter 11 Plan Of Reorganization
(RTTNews) - SAS AB (SASDF.PK, SASDY.PK), a Swedish airline holding company, announced Monday it will file a second amended chapter 11 plan of reorganization and related disclosure statement with the U.S. Bankruptcy Court for the Southern District of New York.
The plan will include, among other things, information on expected recoveries for general unsecured creditors, including the holders of SAS AB's listed commercial hybrids.
The company noted that the Chapter 11 Plan and the Disclosure Statement may be further amended, modified, or supplemented and remain subject to Court approval.
Holders of SAS AB's listed commercial hybrid bonds are expected to receive an initial cash recovery corresponding to up to 9.4% of the nominal value of such claims upon emergence from the chapter 11 process.
There is also the possibility of receiving an additional cash distribution of up to 15.6% (up to 25.0% cumulatively) of the nominal value of such claims at a later date under certain conditions.
The final recovery for holders of listed commercial hybrid bonds and other allowed general unsecured claims, including the amount and timing of any additional distributions, remains to be confirmed.
The Official Committee of Unsecured Creditors appointed in the chapter 11 cases supports the Chapter 11 Plan and is strongly urging all holders of general unsecured claims to vote to accept the Chapter 11 Plan.
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