SAS Scandinavian Airlines is set to submit a second amended Chapter 11 plan and related disclosure statement to the U.S. Bankruptcy Court, detailing information on anticipated recoveries for general unsecured creditors, including holders of SAS AB’s listed commercial hybrids.
The plan indicates that holders of commercial hybrid bonds could receive an initial cash recovery of up to 9.4%, with the potential for an additional distribution of up to 15.6% (cumulatively 25.0%) under certain conditions.
The Official Committee of Unsecured Creditors, appointed in the Chapter 11 cases, supports the plan and encourages all general unsecured claim holders to vote in favour. Final recovery details are subject to court approval.