SAS investors agree to convert debt  

Scandinavian airline, SAS, has reached an agreement in principle with investors to convert its existing debt into new debt or shares. Under the agreement, holders of existing SEK1.5bn ($172 million) subordinated perpetual floating rate notes will be converted into common shares in the company at 90% of par value and at a subscription price of SEK 1.16 per share. Bond holders of SEK2.25bn senior unsecured fixed rate notes will be converted into new commercial hybrid notes at 100% of par value, with a floating interest rate of 6M STIBOR plus an initial margin of 340 bps per annum, stepping up