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Within the worst case solely NOK 80 million, in the perfect case simply over NOK 300 million. The reply to the query of how a lot Trade Minister Jan Christian Vestre can save with the Norwegian authorities’s billion-dollar mortgage to SAS will observe inside this era.
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Copy hyperlinkCopy hyperlinkShare on FbShare on FbShare by way of e-mailShare by way of e-mailNorway bought its final shares in SAS in June 2018 and obtained NOK 597 million. If Norway had remained a shareholder till right now, the shares would have had zero worth.
However underneath the identical Solberg authorities, Norway rejoined the SAS in December 2020. Then as guarantor for a NOK 1.5 billion pandemic mortgage that the most important financial institution Nordea backed.
As guarantor, Norway, underneath the brand new authorities and Minister of Trade and Commerce Vestre, obtained the non-performing mortgage in June final 12 months.
The thousand-crown query now could be: how a lot can Vestre hope to avoid wasting with an unsecured mortgage within the type of a mortgage on bodily property?
SAS says 5-20 p.c
With out collateral, Norway is a so-called unsecured creditor.
When SAS introduced its new homeowners final Tuesday, CEO Anko van der Werff got here up with a preliminary reply to this group of lenders.
The unsecured collectors are anticipated to avoid wasting someplace between 5 and 20 p.c of the excellent claims. That is known as the creditor dividenddividendDividend is the proportion protection that collectors (these to whom you or an organization owe cash) obtain in a debt settlement/chapter..
The place the person creditor finally ends up inside that interval relies upon each on which firm within the SAS group one has a declare on and on whether or not different SAS corporations have assured the mortgage.
For Norway this implies the next:
Within the worst case, Vestre will obtain a verify within the mail for just below NOK 80 million. In the perfect case state of affairs, SAS pays simply over NOK 300 million to Vestre.
However the aspect will in all probability lie someplace in the midst of this interval. We’ll clarify how we obtain this later on this article.
Vestre won’t obtain any shares
In complete, SAS estimates that their unsecured collectors will save NOK 3.6 billion on the full lending of this creditor group.
This, in accordance with data from E24 via knowledgeable sources, is far more than what this group of collectors lengthy feared could be eaten.
A number of the unsecured collectors will obtain their dividend each in money and within the type of a small share in Nye SAS.
SAS estimates that the unsecured collectors will collectively personal 13.6 p.c of Nye SAS.
However, Minister Vestre doesn’t look like a minor shareholder in an organization that isn’t going public.
In any case, that’s the sign from SAS:
– Each the Swedish and Norwegian states have made it clear that they don’t wish to be a part of the brand new capital construction, CEO Anko van der Werff advised E24.
– So there are different collectors that is for?
– Sure. This does apply to different collectors, solutions the Dutch boss of SAS.
Filed 5 billion claims
The Norwegian mortgage was supplied to SAS’s Swedish mother or father firm SAS AB. This mother or father firm will undergo a separate Swedish chapter process within the spring of 2024.
However luckily for Vestre, the mortgage is backed by ensures from 4 completely different subsidiaries of SAS AB.
The Norwegian mortgage to SAS’s mother or father firm subsequently has a safety akin to different unsecured loans made immediately to those subsidiaries.
All 4 subsidiaries that issued ensures, like mother or father firm SAS AB, are actually topic to chapter proceedings within the US.
Statlige Eksfin, which handles the mortgage on behalf of the Norwegian state, has subsequently filed a complete of 5 claims of NOK 1.5 billion every with the courtroom in New York.
See the determine under right here.
Can hope for greater than 100 million.
It’s nonetheless not the case that Vestre and Eksfin can hope to obtain a minimal of 5 p.c dividends from every of the 5 SAS corporations towards which they’ve claims, after which obtain a complete of 25 p.c dividends on the mortgage.
Attorneys E24 have mentioned they imagine the US decide will take a look at the claims as a complete after which make some kind of ruling.
Nevertheless, Norway is in a a lot better place than if the mortgage had been granted solely to SAS AB with none type of assure from the subsidiaries.
It’s not but potential to say the place the cost will in the end find yourself. However based mostly on the indicators from SAS, Vestre can in all probability hope for a payout of between NOK 100 and 200 million.
Trade Minister Vestre has little to say about religion and hope.
– Efforts are being made to restrict losses. We presently haven’t any additional feedback, in accordance with an e-mail assertion from State Secretary Halvard Ingebrigtsen (Ap).
Disclaimer: The Minister of Enterprise and Trade who bought the state shares in SAS in 2018 is Torbjørn Røe Isaksen, right now editor of E24.
Norway has filed not only one, however 5 billion claims towards SAS – E24
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