High Court approves survival plan for Norwegian
Updated / Thursday, 22 Apr 2021
18:41
The Norwegian case was one of the biggest and most complicated examinerships in the history of the state
The High Court has approved a survival plan for the troubled Norwegian Air airline and related companies.
In a written decision Mr Justice Michael Quinn said he was satisfied to approve the scheme put together by the airline s examiner, Kieran Wallace of KPMG.
The airline s Oslo-based parent company and several of its Irish registered subsidiaries had sought the protection of the Irish courts due to factors including the devastating impact that the covid-10 pandemic has had on the airline industry and international travel.
High Court approves survival scheme for troubled airline group Norwegian
The group, the court heard had accumulated debts of US$5.2Bn. By Aodhan O Faolain Thursday 22 Apr 2021, 7:15 PM 3 hours ago 8,045 Views 2 Comments
Image: Omar Marques/PA
Image: Omar Marques/PA
THE HIGH COURT has approved a survival plan for the troubled Norwegian Air airline and related companies.
In a written decision Justice Michael Quinn said he was satisfied to approve the scheme put together by the airline’s examiner Kieran Wallace of KPMG.
The airline’s Oslo-based parent company and several of its Irish registered subsidiaries had sought the protection of the Irish courts due to factors including the devastating impact that the Covid-19 pandemic has had on the airline industry and international travel.
However, lawyers representing several creditors who are affected by the proposed repudiation expressed their concern about the application.
Rossa Fanning SC, who represented three parties affected, said while he did not want to prejudice any ongoing talks, the lack of detail in the airline’s proposed repudiation application was of concern.
He said if matters could not be resolved out of court, his clients would wish to put issues before the court in sworn statements.
Having the matter resolved in a short period of time, as proposed by the company, was also unrealistic, counsel said.
Mr Justice Quinn said that he did not want too many unnecessary court hearings on the matter.
The High Court has been asked to wind up an Irish-registered company within the Norwegian Air airline group.
An examiner was appointed to the airline, which owes its creditors some $5bn (€4.13bn), as well as several of its subsidiaries last month.
Arising from Norwegian s decision earlier this week to cease its long-haul services, the examiner to the companies Kieran Wallace on Friday asked Mr Justice Michael Quinn to make an order winding up one of its Irish subsidiaries, Torskefjorden Leasing Ltd (TLL).
The matter came before the judge on Friday morning and he adjourned proceedings until the evening in order to allow any creditor the opportunity to air any views they may have on the application.