SAS AB applies for company reorganization in Sweden – operations continue as normal
On March 19, 2024, the U.S. Bankruptcy Court for the Southern District of New York confirmed SAS’ chapter 11 plan of reorganization (the “Chapter 11 Plan”). Application for company reorganization in Sweden was specifically contemplated by the Chapter 11 Plan and a successful completion of the Swedish reorganization proceeding is a condition for the Chapter 11 Plan to become effective. The effectiveness of the Chapter 11 Plan also remains subject to approvals from various regulatory authorities and certain other customary conditions precedent. SAS currently expects to emerge from its restructuring proceedings around the end of the first half of 2024.
Information regarding chapter 11 cases
Additional information regarding SAS’ voluntary chapter 11 cases is available on SAS’ dedicated restructuring website, https://sasgroup.net/
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.
