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RNS - SAS announces last day of trading in its common shares and commercial hybrids bonds, and confirms previously announced record date

Company: SAS Date: 2024-08-12 Language: English Register to download

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 SAS announces last day of trading in its common shares and commercial hybrids bonds, and confirms previously announced record date

# SAS announces last day of trading in its common shares and commercial hybrids bonds, and confirms previously announced record date

SAS AB (publ) (the "Company") announces that the last day of trading in its  

existing common shares on Nasdaq Stockholm, Nasdaq Copenhagen and Oslo Børs (the  

"Exchanges"), and the last day of trading in its listed commercial hybrid bonds  

on Nasdaq Stockholm, will occur tomorrow, August 13, 2024. Accordingly, the  

Company also confirms that the distribution record date for holders of the  

Company's listed commercial hybrid bonds under the plan of reorganization (the  

"Reorganization Plan") in the Company's company reorganization proceeding in  

Sweden (Sw. företagsrekonstruktion) is August 15, 2024, as previously announced.  

  

On July 19, 2024, the Company announced that the Reorganization Plan had been  

approved by the Stockholm District Court, and that the Company had applied for  

the delisting of its existing common shares from the Exchanges and for the  

delisting of its commercial hybrid bonds from Nasdaq Stockholm, conditional upon  

the decision to approve the Reorganization Plan entering into legal force. It  

was confirmed today that the decision entered into legal force upon expiry of  

the appeal period on August 9, 2024, and the Exchanges have consequently  

communicated that the last day of trading of the existing common shares and  

commercial hybrid bonds will occur on August 13, 2024. This also means that, as  

of today, it will no longer be possible to carry out conversions of the common  

shares between the securities depositary systems in Denmark, Norway and Sweden.  

  

On August 6, 2024, the Company announced that it had agreed with Intertrust  

(Sweden) AB, in its capacity as agent under the Company's listed commercial  

hybrid bonds, that the record date on which holders of the commercial hybrid  

bonds must be holders of such bonds to be entitled to receive distributions  

under the Reorganization Plan shall occur two business days after the last day  

of trading of the bonds on Nasdaq Stockholm. Against the above background, the  

Company confirms that the record date will occur on August 15, 2024, as  

previously announced. After the record date, the instrument will be blocked for  

settlement in Euroclear Sweden's system, meaning that it will not be possible to  

transfer ownership of commercial hybrid bonds after such date.  

  

The registration of the changes to the Company's capital structure with the  

Swedish Companies Registration Office (Sw. Bolagsverket) resolved as part of the  

Reorganization Plan, and consequently the cancellation of the existing common  

shares from the shareholders' registers maintained by Euroclear Sweden, Euronext  

Securities Copenhagen and Euroclear Securities Oslo, as well as the redemption  

and cancellation of the commercial hybrid bonds, will be effected following  

emergence from the restructuring proceedings.  

  

SAS currently expects to emerge from its restructuring proceedings around the  

end of August 2024.  

  

Information regarding SAS' U.S. chapter 11 cases and SAS AB's company  

reorganization in Sweden  

Additional information regarding SAS' voluntary chapter 11 cases in the U.S. and  

SAS AB's company reorganization in Sweden is available on SAS' dedicated  

restructuring website, https://sasgroup.net/transformation. U.S. court filings  

and other documents related to the chapter 11 cases in the U.S. are available on  

a separate website administered by SAS' claims agent, Kroll Restructuring  

Administration LLC, at https://cases.ra.kroll.com/SAS. Information is also  

available by calling (844) 242-7491 (U.S./Canada) or +1 (347) 338-6450  

(International), as well as by email at SASInfo@ra.kroll.com. Swedish court  

filings related to SAS AB's company reorganization in Sweden can be requested  

from the Stockholm District Court, and certain documentation is also provided by  

the administrator on a separate website administered by Ackordscentralen (AC  

\-Gruppen AB), https://ackordscentralen.se/en/reorganisations/sas-ab/.  

  

Advisors  

Weil, Gotshal & Manges LLP is serving as global legal counsel and Mannheimer  

Swartling Advokatbyrå AB is serving as Swedish legal counsel to SAS. Seabury  

Securities LLC and Skandinaviska Enskilda Banken AB are serving as investment  

bankers, and Seabury Securities LLC is also serving as restructuring advisor to  

SAS.  

  

For further information, please contact:  

SAS press office, +46 8 797 29 44  

Investor relations, +46 709 977?070  

  

SAS, Scandinavia's leading airline since 1946, operates from its principal hub  

at Copenhagen Airport (CPH), complemented by hubs in Oslo (OSL) and Stockholm  

(ARN). Our mission is to connect Scandinavia with the world and the world with  

Scandinavia. Each year, SAS serves more than 25 million passengers and  

transports 55 tons of cargo to 135 destinations across Europe, the USA, and  

Asia. With a passionate workforce of over 10,000 colleagues, we collaborate with  

partners and customers to drive transformative changes in aviation. We are  

committed to achieving net-zero emissions by 2050, embodying the visionary  

spirit of our founders: "To move from the old to what is about to come, is the  

only tradition worth keeping". Innovation and societal progress are at the heart  

of everything we do. For more information, visit our website at www.flysas.com  

or follow us on social media for the latest updates and promotions.