22 April 2024
Intertrust as Agent under SAS’ outstanding Commercial Hybrid Bonds initiates a written procedure to take instructions from Holders with regards to the Swedish reorganisation.
At the request of holders representing approximately 46.7 per cent. of the total nominal amount of SAS AB’s outstanding commercial hybrid bonds with ISIN SE0014957999 (the “Commercial Hybrid”), Intertrust (Sweden) AB as agent under the Commercial Hybrid (the “Agent”) has today initiated a written procedure (the “Written Procedure”) to request the holders’ of the Commercial Hybrid (the “Holders”) instruction on how to represent the Holders with regards to the Swedish company reorganisation filed by SAS AB on 27 March 2024 (the “Swedish Reorganisation”). The Holders are requested inter alia (i) to approve that the ad hoc group of Holders representing approximately 46.7 per cent. of the total nominal amount of the Commercial Hybrid (the “Ad Hoc Committee”) are authorised to, in collaboration with the Agent and its legal advisers, give instructions to the Agent on behalf of all Holders on how to act in relation to the Swedish Reorganisation and enter into any agreements or documents, including settlement agreements, which may be desirable in connection therewith and (ii) to approve that, in connection with any disbursement of any recovery proceeds under the Hybrid Instruments following completion of the Swedish Reorganisation and the chapter 11 proceeding, any fees incurred by the Agent, its legal advisers and any public relations advisor not already paid by SAS shall be paid out of such recovery proceeds prior to disbursement to the Holders. For more details regarding the requests, please see the notice of Written Procedure.
The Agent has today sent a notice of Written Procedure including voting instructions to the persons registered in the debt ledger for the Commercial Hybrid held with Euroclear Sweden as per 19 April 2024. The notice of Written Procedure is available on the Agent’s website.
The outcome of the Written Procedure will be announced in connection with the completion of the Written Procedure. The voting record date is 29 April 2024 and the last day for voting in the Written Procedure is 13 May 2024. The Written Procedure may however be terminated before the expiry of the time period for replies if a requisite majority has been obtained prior thereto.
Record Date for being eligible to vote: 29 April 2024
Deadline for voting: 15.00 (Stockholm) on 13 May 2024
For questions regarding the administration of the Written Procedure, documentation and voting procedure, please contact the Agent at trustee@intertrustgroup.com