SAS asks court for lengthy extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Nov. 4 – SAS AB is seeking an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, the company asked the court to extend the plan filing period through April 1 from Nov. 2 and the solicitation period through June 1, 2023 from Jan. 2.

The company said that in the coming weeks, the debtors anticipate seeking approval of procedures related to an equity raise process, which will allow them to source capital to fund their Chapter 11 plan and emergence from the Chapter 11 cases.

The debtors also expect to conduct plan negotiations with key stakeholders.

“The requested extension of the exclusive periods will facilitate these processes and permit the debtors to continue pursuing value-maximizing transactions without the interruption of a competing plan,” the company said in its motion.

A hearing is scheduled for Nov. 29.

SAS is Scandinavia’s leading airline, with main hubs in Copenhagen, Oslo and Stockholm. The company filed bankruptcy on July 5 under Chapter 11 case number 22-10925.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.