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SAS Scandinavian Airlines has warned shareholders that the airline may need to be file for bankruptcy if no agreement is reached with them, various local media report.
Last week, however, the airline reached an agreement with several shareholders on the conditions for converting certain hybrid bonds into shares. The revised recapitalization plan is still up for discussion with the Danish and Swedish governments, which both hold SAS shares.
If no agreement is reached, however, SAS says it will not be able to recover from the liquidity shortage caused by the corona crisis. Furthermore, negative equity will have a strong effect on the financial position of the company. “Should SAS be forced to file for bankruptcy as a result of such a significant negative effect on the financial position, the holders of the existing hybrid bond loans and the unsecured bond loans will not be able to collect their bond receivables,” warns the airline according to Norwegian newspaper Dagens Næringsliv.
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