We advised on the issuance of contingent value notes to entitled creditors by a newly established Luxembourg company, as part of the Chapter 11 Plan of Reorganisation in the US. Such instrument provided an innovative solution to a complex point that SAS and its creditors dealt with during the restructuring proceedings.
SAS is a publicly traded airline based in Sweden that recently emerged out of its Chapter 11 after successfully completed restructuring proceedings in the US and Sweden. SAS closed on an investment of USD 1.2 billion, over the course of the restructuring proceedings, successfully restructured more than USD 2 billion of debt and reached agreements with key stakeholders and creditors including the Danish Sate, Castlelake, Lind Invest and Air France-KLM, which took control of the reorganised company.