Irish court to assess Norwegian Air business plan on Jan 22
Written by Business World, on 18th Dec 2020. Posted in Ireland
The official overseeing Norwegian Air's protection from its creditors in Ireland will present a report to the Irish High Court on Jan. 22, having received a business plan from the cash-strapped airline.
The airline obtained creditor protection this month from courts in Norway and Ireland, giving it some breathing space to restructure its massive debts. Its main aircraft-owning subsidiaries are Irish and its parent company, Norwegian Air ASA, is registered in Norway.
Norwegian's shareholders endorsed a financial rescue plan on Thursday and it now faces difficult negotiations with creditors as it tries to reduce its debt and liabilities of 66.8 billion Norwegian crowns ($7.8 billion). It must also find investors and lenders willing to put up fresh cash.