Updated / Friday, 22 Jan 2021
15:34
Norwegian Air has been given protection from bankruptcy in both Norway and Ireland
Norwegian Air s chances of surviving the pandemic were given a boost today when the High Court granted an extension to its protection from creditors following a request from the official overseeing the process.
Norwegian was given protection from bankruptcy in both Norway and Ireland, where most of its assets are registered, late last year and is aiming to emerge from the process with fewer aircraft and less debt.
The extension to February 25 was granted after a lawyer representing the Irish examiner overseeing the process told the court the budget carrier had a reasonable prospect of survival.
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.
Updated / Friday, 15 Jan 2021
17:03
TLL operated as a lessor of 24 wide-body Boeing-made jets
The High Court has wound up an Irish registered company within the Norwegian Air airline group.
An examiner was appointed to the airline, which owes its creditors some US$5 billion and several of its subsidiaries last month.
Arising out of Norwegian s decision earlier this week to cease its long-haul services the examiner to the companies, Mr Kieran Wallace, on Friday asked Mr Justice Michael Quinn to make an order winding up one of the Irish subsidiaries, Torskefjorden Leasing Ltd (TLL).
The judge made the order winding up the company late on Friday evening.
BOC Aviation : Irish court to assess Norwegian Air business plan on Jan 22 marketscreener.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketscreener.com Daily Mail and Mail on Sunday newspapers.
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.