12 March 2021
A financial reconstruction plan for low-cost carrier Norwegian has been sent to creditors and shareholders.
If the plan is approved by the Irish and Norwegian courts in the coming weeks, the company can continue the reconstruction processes and initiate a capital raise in April, targeting completion in May.
Jacob Schram, chief executive of Norwegian, said: “We have had many constructive and challenging negotiations with creditors since the indicative plan was presented on January 14th.
“The examiner in Ireland and the reconstructor in Norway both believe that this plan is in the interest of the creditors and shareholders of the company.
Norwegian Air submitted its final restructuring offer to creditors on Thursday in what the budget airline said was a major step in its plan to slash debt and reduce its fleet to survive the. | March 11, 2021
Norwegian Air makes final restructuring offer to creditors Toggle share menu
Advertisement
Norwegian Air makes final restructuring offer to creditors
FILE PHOTO: Norwegian Air Sweden Boeing 737-800 plane SE-RRY approaches Riga International Airport in Riga, Latvia January 17, 2020. REUTERS/Ints Kalnins/File Photo
11 Mar 2021 05:35PM (Updated:
11 Mar 2021 05:39PM) Share this content
Bookmark
OSLO: Norwegian Air submitted its final restructuring offer to creditors on Thursday (Mar 11) in what the budget airline said was a major step in its plan to slash debt and reduce its fleet to survive the coronavirus pandemic.
If approved by enough creditors and Ireland s High Court, the so-called scheme of arrangement will enable Norwegian to raise new capital and emerge from bankruptcy protection in Ireland and Norway.
Low-cost carrier Norwegian has sent its plan for financial restructuring to the Irish and Norwegian courts, as it seeks permission from creditors and shareholders to continue the remodelling of its business and initiate a capital raise.
Norwegian Air sends financial revamp plan to creditors travelweekly.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from travelweekly.co.uk Daily Mail and Mail on Sunday newspapers.