Norwegian Air to overhaul its strategy in wake of pandemic: Bondholder

Norwegian Air, which is seeking creditor support for its rescue plan, has told bondholders it will overhaul its strategy in the wake of the coronavirus pandemic, according to an investor. Norwegian's aggressive expansion in recent years has left it saddled with high debts and fighting to survive, a situation made worse by the slump in air travel due to the coronavirus. Last week the airline presented a rescue plan that would convert up to US$4.3b of debt into shares and raise some new equity - wiping out much of the remaining value of the company's current stock. Friday, CFO Geir Karlsen presented some information about the plan to bondholders. "They said they were assessing their strategy because the world would not be the same after this (pandemic)," asset manager Jan Petter Sissener said. <br/>