EC permits Denmark and Sweden partaking in 2020 recapitalization of SAS

Thursday, November 30, 2023

The European Commission has delivered a new pronouncement stating the Kingdom of Denmark’s and the Kingdom of Sweden’s involvement in the 2020 recapitalization of SAS as harmonious State assistance under the pertinent EU guidelines, conditional on the launching of a ‘step-up mechanism’ for the States’ mutual funds. The envisaged step-up device necessitates support by the general conference of stakeholders in SAS AB (the “Company”), which is to be invited in short mandate.

In 2020, the States took part in the recapitalization of SAS by means of a contribution for hybrid notes and mutual stocks in the Company in a collective amount of roughly SEK 9.5 billion.

SAS aims to assemble an astonishing general meeting of the Company’s stockholders, to be organized in January next year, to support the anticipated step-up tool within short mandate.

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