Norwegian files restructuring plan to courts
Norwegian has sent its plan for financial restructuring to the Irish and Norwegian courts, as it seeks permission from creditors and shareholders to continue the remodelling of its business and initiate a capital raise. The examiner in Ireland will now present proposals for the restructuring based on the plan, which will then be passed to the Irish High Court for approval. Norwegian is hopeful that the Irish court will make its decision within the next couple of weeks, after which the plan will be dealt with by the reconstruction process in Norway. It has previously warned that without a successful exit from the process it would be “highly likely that the company will enter into liquidation and/or bankruptcy proceedings during the second quarter of 2021”.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2021-03-12/unaligned/norwegian-files-restructuring-plan-to-courts
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Norwegian files restructuring plan to courts
Norwegian has sent its plan for financial restructuring to the Irish and Norwegian courts, as it seeks permission from creditors and shareholders to continue the remodelling of its business and initiate a capital raise. The examiner in Ireland will now present proposals for the restructuring based on the plan, which will then be passed to the Irish High Court for approval. Norwegian is hopeful that the Irish court will make its decision within the next couple of weeks, after which the plan will be dealt with by the reconstruction process in Norway. It has previously warned that without a successful exit from the process it would be “highly likely that the company will enter into liquidation and/or bankruptcy proceedings during the second quarter of 2021”.<br/>
