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SAS keep aircraft from lenders by changing its registration location

Thursday, 22 November 2012
SAS has re-registered two of its most valuable aircrafts to protect them from creditors, media reports in Denmark and Sweden are saying.

Registration of two leased Airbus A330 was changed from Sweden and Denmark to Norway so that creditors would not have access to them.

In contrast to Denmark and Sweden, Norway has ratified the so-called Cape Town Convention, which means that the owners of flights and other "mobile equipment" enjoys special protection against claims from creditors in a bankruptcy.

SAS has leased aircrafts from Crédit Agricole through a charitable fund in Ireland since 2004. The French bank feared according to sources that the planes would "end up in the clutches of creditors."

The Danish registered aircraft was moved to the Norwegian Register on October 16, several weeks before SAS announced its comprehensive savings plan and the threat of bankruptcy. The price tag on long-haul plane Airbus A330 is over Skr1 billion.
By Scancpmark.com

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