Norwegian Air targets April exit from Irish insolvency process

Norwegian Air Shuttle aims to exit Irish insolvency proceedings in April as the carrier jettisons its low-cost long haul business to focus on flying in the Nordics. The airline expects to raise as much as $580m in capital. Secured creditors that contribute to the equity raise will boost their holdings, the company said. Norwegian will also “rightsize” its fleet through the Irish examinership process and issue fresh equity at the end of February or early March, it said. The write down of leased and financed aircraft assets is set to reduce equity by about 10 billion kroner before exiting the restructuring, with all large creditors expected to take losses and their debt converted into equity, according to the presentation. At the end of the process, new investors, which could include the Norwegian government, will own 70% of the equity. Converted creditors will hold a 25% stake and current shareholders 5%, the company said.<br/>