SAS: Updates on Creditor Recoveries in Chapter 11 Process

SAS AB will file a second amended Chapter 11 reorganization plan and related disclosure statement with the US Bankruptcy Court for the Southern District of New York today, according to company statement.

• Documents will include information on expected recoveries for general unsecured creditors
• Expects holders of listed commercial hybrid bonds to receive initial cash recovery of up to 9.4% of the nominal value of such claims
  • Final recovery for holders remains to be confirmed
• Reiterates expectation of modest recovery for general unsecured creditors, no recovery for subordinated creditors and no value for existing shareholders
• Expects up to ~$325m allocated to ...