The latest developments regarding the timeline were confirmed by the company’s DN on Monday evening.
SAS President Carsten Dilling and the rest of the Board of Directors met at the head office in Stockholm on Monday afternoon and evening. The agenda of this meeting was to conclude the bidding process for new shares in the company. On Tuesday at 18:00, Dilling and CEO Anko van der Werff are expected to meet the press in Stockholm to talk about the result.
SAS reached a milestone last week in seeking “at least” SEK 9.5 billion in new shares through the bankruptcy process in the USA. At midnight on Tuesday last week, the deadline for submitting bids for the capital increase ended.
SAS, in cooperation with financial and legal advisers, has now reached a conclusion, but the content is unknown.
in Stock exchange announcement Just before midnight, the company says it is calling a press conference to “provide an update on the status of the company’s ongoing capital raising process.”
The lender can become a major owner
Through the process in the courts, since August last year, SAS has obtained expensive loan financing from the American fund Apollo Global Management – a bridge loan of more than NOK 3.5 billion. Apollo has also been linked several times with SAS as a potential future major owner. By refinancing, the fund can become the dominant owner in two ways: it can convert the billion-dollar debt into equity and, if necessary, step in with additional new capital on top of that.
In addition, the Danish state has been clear in its desire to own between 21 and 30 percent of the “new” SAS.
Most shareholder values would likely be wiped out today, leaving them with crumbs.
Seedbank analyst Jacob Pedersen has repeatedly noted that today’s stockholders will lose all, or almost all, of their value in connection with the bankruptcy.(conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using links that lead directly to our pages. No copying or other use of all or part of the Content may be permitted except with written permission or as permitted by law. For more terms see here.
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