By Cirium2021-04-12T12:03:00+01:00
Norwegian has had its plan for financial reconstruction approved by a court in Oslo, opening the door for the carrier to begin raising fresh capital.
It follows a similar ruling by the Irish High Court in March, as Norwegian has sought the permission of creditors and shareholders to remodel its business.
Source: Norwegian
The company proposed that unsecured creditors be entitled to cash and dividends totalling around 5%, which is likely to be converted to stock representing around 25% of the company’s share capital.
The rulings in both Ireland and Norway will become final when the planned equity has been obtained, something that airline expects to happen in May.
Norwegian restructuring plan wins state approval : CityAM cityam.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cityam.com Daily Mail and Mail on Sunday newspapers.
The findings of the Court of Justice of the EU (CJEU) in the two cases arising from complaints against Facebook by Austrian privacy campaigner Max Schrems highlight the fundamentally opposed approaches towards data and personal privacy in the EU and the US, writes Dick Roche.
Dick Roche is a former Fianna Fáil politician. He was the minister of state for European affairs when Ireland conducted the two referendums on the Treaty of Lisbon of the European Union, in 2008 and 2009.
The cases also shine a light on the extraordinary double standards of US policymakers who invoke concerns about data security in their efforts to push European countries in a direction that supports wider US geopolitical interests while applying lax standards domestically.
In its recent decision in
AirAsia X Berhad v BOC Aviation Limited (Originating Summons WA-24NCC-467-10/2020), the high court held that a scheme of arrangement under Section 366 of the Companies Act 2016 is an insolvency-related event for the purposes of the Convention on International Interests in Mobile Equipment (the Cape Town Convention) and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment (Aircraft Protocol).
The Cape Town Convention is an international treaty intended to standardise transactions involving movable property. Malaysia acceded to the convention and the Aircraft Protocol on 2 November 2005 and they both entered into force in Malaysia on 1 March 2006. The International Interests in Mobile Equipment (Aircraft) Act 2006, which was enacted to implement the convention and the Aircraft Protocol, came into force on 19 October 2006.
International Data Protection Update – First Quarter 2021 | BakerHostetler jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.