8-Mar-2010 9:56 AM

SAS seeking shareholder approval for debt refinancing

SAS stated (05-Mar-2010) it would seek shareholder approval to refinance SEK2 billion (EUR206 million) of debt through a directed convertible bond issue. SAS, half-owned by the governments of Denmark, Norway and Sweden, stated a refinancing of bonds maturing this year was one of the criteria that key shareholders had stipulated for supporting a planned rights issue. The airline stated conditions in the convertible bond market were favourable and it would seek approval for the debt rollover at its annual general meeting on 07-Apr-2010. SAS added that current Board members, Anitra Steen and Berit Kjøll, have communicated to the Nomination Committee that they are not available for re-election.[more]