SAS to allocate $325 million for unsecured creditors in second amended chapter 11 plan

Scandinavian Airlines (SAS) expects to allocate circa $325 million for general unsecured creditors in its second amended chapter 11 plan. The amount consists of $250 million in cash and around $75 million in new equity. Hybrid bond holders are expected to receive a cumulative return of 25% of their claims as part of the bankruptcy plan. The 25% claim is made up of an initial cash recovery which will amount to up to 9.4% of the nominal value of the claim along with the possibility of receiving an additional cash distribution of up to 15.6%. However, no recovery plan has