Instructions for claim registrations

The following instructions apply to the registration of claims against SAIRGROUP, SAIRLINES, SWISSAIR SCHWEIZERISCHE LUFTVERKEHR AKTIENGESELLSCHAFT and FLIGHTLEASE AG, all under debt-restructuring moratorium.

 

 

I.

GENERAL INSTRUCTIONS

1.

Registration of claim

 

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Claims must be registered with the administrator no later than 29 January 2002 (date of postmark).

 

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Forms for the registration of claims are available on this website. Claims must be proven by the appropriate documentary evidence; copies will suffice.

 

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Please state against which of the above companies you are claiming, and use a separate form for each company.

 

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The debt-restructuring procedure can only deal with money claims. Other claims must be converted into money. The procedure will be settled in Swiss francs. The administrator will convert sums in other currencies into Swiss francs at the middle exchange rate of 5 October 2001 (the date of the provisional debt-restructuring moratorium).

 

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Claims secured by pledge and claims not yet due at present must also be registered. Special attention should be paid to pledges and other collateral, to jointly owed and to limited claims.

 

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Interest on claims other than those secured by pledge can only be claimed up to 5 October 2001. Interest incurred up to that date must be calculated by the creditor (except on bonds).

 

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Creditors must disclose their names and addresses. Anonymous claim registrations cannot be accepted.

 

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If a creditor is represented by a third party, a written power of attorney must be submitted.

 

 

 

2.

Consequences of failure to register

 

Creditors who do not register their claims promptly will have no voting rights at the meeting of creditors or on the debt-restructuring agreement (Swiss Federal Debt Prosecution and Bankruptcy Statue, Article 300). The right to any dividends from the assets under moratorium can still be safeguarded by a later registration.

 

 

II.

INSTRUCTIONS TO BONDHOLDERS

1.

Bonds in Swiss francs

 

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The form "Registration of claims arising from CHF Bonds of SAirGroup under debt-restructuring moratorium " is available on this website.

 

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The bonds must be submitted as evidence. This can be done either by sending the original hard-copy certificate to the administrator or by remittance of the bonds through the banks’ clearing system (SIS SegaIntersettle AG) to the safekeeping account of Karl Wüthrich, administrator of SAirGroup, at Zürcher Kantonalbank, Zurich Head Office, safekeeping account no. 160189. The remittance instruction must include the following details: bondholder’s surname, first name and home address and the words "SAirGroup debt restructuring"..

 

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Registration and submission of bonds converts claims arising from bearer securities into claims arising from registered securities. Any transfers of bond claims can then only take place by assignment. Transfers notified to the administrator will be included in the debt-restructuring procedure.

 

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Interest is deemed automatically registered and will be calculated by the administrator.

 

2.

US-dollar and euro bonds

 

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The forms "Registration of Guarantee Claims against SAirGroup under debt-restructuring moratorium for Euro Bonds of SAirGroup Finance (Netherlands) B.V." and "Registration of Guarantee Claims against SAirGroup under debt restructuring moratorium for US dollar Bonds of SAirGroup Finance (USA) Inc." are available on this website.

 

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The bond issuers are, respectively: SAirGroup Finance (USA) Inc., of Wilmington, Delaware, USA and SAirGroup Finance (Netherlands) B.V., of Schiphol, The Netherlands. SAirGroup is the guarantor of the bonds. The full amount of the guarantee claim will be included in the debt-restructuring procedure, regardless of any payment made by the issuer. The right to excess cover is reserved.

 

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The claim must be proven by submission of a statement from a bank safekeeping account. Written confirmation from the bank that it holds the registered bonds for the creditor/bondholder in a safekeeping account is sufficient. The bank statement or confirmation must not be dated prior to 31 December 2001. In addition, a declaration from the depository bank must be submitted, stating that the registered bonds have been blocked in the safekeeping account with immediate effect.

 

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A guarantee claim only arises when the following formalities have been complied with:

 

 

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Acceleration of maturity (a "default statement") of the claim by notification to Citibank, N.A., P.O. Box 18055, 5 Carmelite Street, London EC4Y (the "fiscal agent"); and

 

 

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Call of guarantee at SAirGroup.

 

 

The forms have been worded to settle these formalities between the administrator, the depository banks and the fiscal agent. Bondholders need take no further action after registration.

 

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Interest is automatically deemed to be registered and is calculated by the administrator.

 

III.

FURTHER NOTES

 

Employees and those who have taken early retirement are requested to refer to their personnel departments for any further information.

Questions should be referred to info juhui.antispam@protection.nospam wenger-plattner.ch or, in urgent cases, by telephone to hotline nos. +41-1-914 27 50 (English), +41-1-914 27 30 (German) or +41-1-914 27 40 (French).

 

Karl Wüthrich
Administrator

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