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.
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