Recent work | October 27, 2020

Roschier represented the Danish state in connection with the recapitalization of SAS

Scandinavian airlines SAS has announced that its recapitalization plan has been successfully implemented. The recapitalization raises total proceeds corresponding to approximately SEK 12 billion before issue costs, converts SEK 2.25 billion of debt to equity, and restores SAS' equity by an amount corresponding to SEK 14.25 billion. Roschier represented the Danish state in connection with the recapitalization.

The recapitalization plan consists of a rights issue of shares to the existing shareholders, a directed issue of shares to the major shareholders, the Danish and Swedish states, two directed issues of hybrid notes, of which one is directed to the Danish and Swedish states and one is directed to the Danish state, as well as conversion of existing hybrid notes into shares and conversion of existing bonds into new hybrid notes or shares.

The European Commission has previously declared the participation of the major shareholders in the recapitalization plan compatible with applicable EU state aid rules, and approved the participation on certain conditions.

The newly issued shares under the recapitalization plan are expected to start trading on Nasdaq Stockholm, Nasdaq Copenhagen and Oslo Børs on or around 3 November 2020, with delivery of the new shares/conversion of BTAs into new shares on or around 5 November 2020.

Roschier’s main advisory team consisted of Pontus Enquist, Erik Persson, Johan Häger and Erik Hellström.