The companies are contributing almost SEK 13 billion, it is stated in a stock exchange announcement published at 17.55. The parent company SAS AB will apply to reconstruct the company in Sweden in 2024. This will mean that the shares will be delisted and that the current shareholders will lose all their value. At 6 p.m., SAS management will tell you what the status is. Crisis-stricken SAS has been on the hunt for money for several months, and has tried to raise SEK 9.5 billion in new equity. They have done this by letting investors bid on completely new shares in the company. The bid deadline for potential investors expired on Tuesday last week. SAS then made it clear that they would announce the winner – or winners – after an evaluation process. Today, the Danish state and the Swedish state are the largest individual shareholders with approximately one fifth of the shares each. – The most important thing for us is to get an owner who wants to develop SAS, and get control of costs. We believe that there is still untapped potential there, said leader of the pilot association Roger Klokset to news before the press conference. Protected against creditors In July 2022, SAS applied for bankruptcy protection, so-called “Chapter 11”, at a court in New York in the USA to avoid being declared bankrupt. It happened the day after 900 SAS pilots went on strike, because no agreement was reached in the salary negotiations between the airline and four pilot unions. In this way, the company was supposed to get “peace of mind” from creditors to make a plan to collect the 9.5 billion Swedish kroner that they needed. No creditors – banks and others to whom SAS owes money – have been able to demand money back or petition SAS for bankruptcy as long as the company has been under the court’s protection. SELLING NEW SHARES: SAS’s CEO, Anko van der Werff, needs SEK 9.5 billion in new equity. Photo: Lars Schröder /TT / AP Wanted bids as high as possible The deadline for investors to make bids was initially set for mid-August, but was extended. The aim was to create a bidding competition for the shares. – After initial discussions with potential investors, SAS has decided to extend the deadline for the process in order to give the investors enough time to prepare their bids, and for SAS to evaluate potential bids, it was revealed in the stock exchange announcement SAS has struggled with major financial problems, particularly after the corona pandemic. Then the airline lost several billion due to canceled flights.
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SAS presents the outcome of the rescue plan – news Norway – Overview of news from various parts of the country
