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SAS declines second tranche of $700mn Apollo loan
20.04.2023 – 12:13 UTC
SAS Group will not have to use the second tranche of its USD700 million debtor-in-possession (DIP) term loan during the second quarter of this year, as it had previously communicated, because of “a stronger than expected development of SAS’s liquidity position during the winter,” it said in a statement.
The announcement followed the SAS Scandinavian Airlines (SK, Copenhagen Kastrup) parent’s revelation days earlier that it had been forced to defer interest payments on its perpetual bonds, which led to media speculation that the company could be delisted from the stock exchange in the near future.
SAS Group entered into an agreement with New York-based private equity firm Apollo Global Management in August 2022 to raise USD700 million in financing in two equal-sized tranches to help it complete its Chapter 11 restructuring process. A delisting would give Apollo majority ownership of SAS, if the term loan is taken in full, as it can be converted into shares.
The US Bankruptcy Court in New York approved the financing in September 2022, whereupon SAS…
SAS defers interest payments on perp bonds, risks delisting
14.04.2023 – 07:01 UTC
SAS Scandinavian Airlines (SK, Copenhagen Kastrup) revealed on April 13 that it will defer interest payments on its perpetual capital securities, due April 24 and 26, saying this is part of its restructuring plan and ongoing Chapter 11 process. The announcement followed reports earlier in the week that claimed the company could be delisted from the stock exchange in the near future.
The carrier will postpone a total of about SEK272.7 million kronor (USD26.4 million) in semi-annual interest payments falling due on the two dates, which it said “is made in accordance with the terms and conditions for the respective capital securities.”
The sum consists of around SEK56.3 million (USD5.5 million) due on April 24 on its outstanding SEK1.62 billion (USD157 million) perpetual capital securities with the ISIN code SE0014957999, and around SEK216.4 million (USD21 million) due April 26 on its in aggregate outstanding SEK6 billion (USD582 million) subordinated perpetual capital securities with the ISIN codes SE0014958005 and SE0014958013.
Earlier this week, shares in SAS plummeted to new lows after media reports emerged claiming that it could be delisted…
Ireland’s CityJet takes first CRJ1000
12.04.2023 – 13:27 UTC
CityJet (WX, Dublin International) has taken delivery of the first of five CRJ1000s it is planning to induct in 2023 to support the growth of its white-label ACMI business.
EI-HIC (msn 19017) was ferried out of storage at Ljubljana on March 28, 2023, and, after a series of proving flights, was ferried to Munich on April 1, 2023, Flightradar24 ADS-B data shows. The 11.5-year-old regional jet, formerly operated by HOP! (France) and owned by Regional One, has been deployed since then under the long-term wet-lease contract with Lufthansa CityLine, as previously reported.
A further two CRJ1000s for CityJet, OE-LIL (msn 19024) and OE-LIZ (msn 19006), are currently undergoing pre-delivery maintenance at Maastricht airport, according to the ch-aviation fleets advanced module.
The Irish white-label specialist also operates twenty-one CRJ900s, most of them under a long-term contract with SAS Scandinavian Airlines. Two aircraft currently operate for Brussels Airlines, while one more CRJ900 is wet-leased to Lufthansa Cityline.
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