Norwegian Air creditors and Oslo court back restructuring plan

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. “Today the judge of the Oslo Byfogdembete (County Court) has approved the scheme for an exit of the reconstruction of the company,” Norwegian Air said . Ireland’s High Court has already approved the airline’s restructuring scheme in a parallel process.<br/>