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Airline SAS rescue plan on track after shareholders greenlight
[STOCKHOLM] Airline SAS said on Tuesday that it will proceed with its recapitalisation plan, key to securing its future, after an extraordinary general meeting voted in favour of the board's proposals.
The Swedish-Danish carrier said earlier this month that the plan, aimed at seeing it through the collapse in air travel caused by the pandemic, was progressing after bondholders agreed to back a debt-to-equity conversion.
"As a result of the resolutions by the Extraordinary General Meeting, all material conditions for the recapitalisation plan as described in the Company's press releases dated 14 August 2020 have been fulfilled," it said in Tuesday's statement.
SAS agreed the plan with its top shareholders in June, but was forced last month to revise terms of the proposed debt to equity swap.