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Top News In இரண்டாம் நிலை பகிர் பிரசாதம் சிக்கல்கள் Today - Breaking & Trending Today

Norwegian Air to raise additional cash before bankruptcy exit


By Reuters Staff
3 Min Read
OSLO (Reuters) - Norwegian Air now aims to raise up to 6 billion crowns ($711 million) in fresh capital, up from a planned 4.5 billion, to bolster its resources before emerging from bankruptcy protection next month as the pandemic continues to curb travel.
FILE PHOTO: A Norwegian Air plane is refuelled at Oslo Gardermoen airport, Norway November 7, 2019. REUTERS/Lefteris Karagiannopoulos
Financed largely by debt, Norwegian Air grew rapidly, serving routes across Europe and flying to North and South America, Southeast Asia and the Middle East before the COVID-19 pandemic plunged the airline into crisis.
“We want to take a conservative approach at a time when the pandemic and travel restrictions continue to create unpredictability in the travel sector,” Chief Executive Jacob Schram said in a statement on Wednesday. ....

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UPDATE 1-Norwegian Air wins court, creditor approvals in Norway for restructuring


By Reuters Staff
(Adds CEO, background)
OSLO, April 12 (Reuters) - Norwegian Air has won approval from creditors in Norway to restructure its debt and an Oslo court has approved the plan, the airline said on Monday, clearing the way for it to raise new capital and emerge from bankruptcy next month.
Financed largely by debt, Norwegian Air grew rapidly, serving routes across Europe and flying to North and South America, Southeast Asia and the Middle East before the COVID-19 pandemic plunged the airline into crisis.
Its survival plan announced last year brings an end to its long-haul business, leaving a slimmed-down carrier focusing on Nordic and European routes. ....

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UPDATE 2-Norwegian Air creditors and Oslo court back restructuring plan


By Reuters Staff
(Adds CEO, background)
OSLO, April 12 (Reuters) - Norwegian Air has won approval from creditors in Norway to restructure its debt and an Oslo court has approved the plan, the airline said on Monday, clearing the way for it to raise new capital and emerge from bankruptcy next month.
Financed largely by debt, Norwegian Air grew rapidly, serving routes across Europe and flying to North and South America, Southeast Asia and the Middle East before the COVID-19 pandemic plunged the airline into crisis.
Its survival plan announced last year brings an end to its long-haul business, leaving a slimmed-down carrier focusing on Nordic and European routes. ....

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