{"id":107458,"date":"2021-03-26T21:44:01","date_gmt":"2021-03-26T21:44:01","guid":{"rendered":"https:\/?p=107458"},"modified":"2021-03-26T21:44:07","modified_gmt":"2021-03-26T21:44:07","slug":"irish-court-clears-norwegian-air-restructuring","status":"publish","type":"post","link":"https:\/\/aviacionaldia.com\/en\/2021\/03\/irish-court-clears-norwegian-air-restructuring.html","title":{"rendered":"Irish court clears Norwegian Air restructuring."},"content":{"rendered":"\n

Ireland\u2019s High Court cleared the way on Friday for Norwegian Air<\/strong> to raise new capital and emerge from bankruptcy protection in Ireland and Norway in May by approving the airline\u2019s restructuring scheme.<\/p>\n\n\n\n

See also:<\/strong> Norwegian retires all 737 MAXs from its fleet.<\/a><\/em><\/p>\n\n\n\n

Norwegian\u2019s survival plan, announced last year, puts a definitive end to its long-haul business, leaving a slimmed-down airline focusing on Nordic and European routes.<\/p>\n\n\n\n

\u201cWe can now go forward with the reconstruction in Norway and initiate a capital raise.\u201d Chief Executive Jacob Schram said in a statement following the ruling, Reuters<\/a> reported.<\/p>\n\n\n\n

See also:<\/strong> Founder Norwegian launches new low-cost airline.<\/a><\/em><\/p>\n\n\n\n

The Irish court made the ruling, a key milestone in the airline\u2019s battle to survive the coronavirus pandemic which has decimated air travel, after none of its creditors challenged the proposed restructuring during a two-day hearing.<\/p>\n\n\n\n

A key condition of the scheme is that Norwegian raises at least 4.5 billion crowns ($524 million) from new shares and hybrid capital, of which Norway\u2019s government has said it is willing to contribute 1.5 billion crowns<\/p>\n\n\n\n

\u201cThis is a demanding and ongoing process, however, the result of the court rulings today enforces our beliefs of a positive final outcome. We are looking forward to and are preparing for a post-pandemic world, without travel restrictions and open borders,\u201d Norwegian\u2019s Schram said.<\/p>\n\n\n\n

Financed largely by debt, Norwegian grew rapidly to become a major carrier by the time of the COVID-19 outbreak, serving routes across Europe and flying to North and South America, Southeast Asia and the Middle East.<\/p>\n\n\n\n

It now plans to cut its fleet to 53 jets, from 140 before the pandemic, and slash its debt to 20 billion Norwegian crowns ($2.3 billion) from 56 billion.<\/p>\n\n\n\n

Norwegian\u2019s next step is to secure a similar approval from a Norwegian court and then seek permission from the Norwegian financial regulator to proceed with a new share issue.<\/p>\n\n\n\n

Norwegian said a voting process in Norway on its restructuring proposal would be concluded around April 9. It would exit the restructuring process on May 26, once it had secured the new funding.<\/p>\n\n\n\n

By Conor Humphries, Gwladys Fouche; Editing by Victoria Klesty and Alexander Smith.<\/p>\n\n\n\n

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