Norwegian low-cost airline ‘has been saved,’ CEO says
Low-cost carrier Norwegian Air Shuttle “has been saved,” its CE said Wednesday, adding it had “written history” as the ailing airline had struggled with fallout from the coronavirus pandemic and a debt restructuring plan. CEO Jacob Schram said Norwegian had “successfully” concluded the plan after it raised 6b kroner ($721m) through the sale of perpetual bonds, new shares and a rights issue. In January, the Oslo-based airline said it was ending its long-haul operations and was focusing instead on European destinations. The company then presented a plan that cut its fleet from 140 aircraft to about 50. Norwegian said it had reduced its total debt by approximately 63-65b kroner ($7.5b-$7.8b) to around 20b kroner ($2.36b) under a plan that had to be approved by bankruptcy courts in Ireland, where its planes are registered, and in Norway.<br/>
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Norwegian low-cost airline ‘has been saved,’ CEO says
Low-cost carrier Norwegian Air Shuttle “has been saved,” its CE said Wednesday, adding it had “written history” as the ailing airline had struggled with fallout from the coronavirus pandemic and a debt restructuring plan. CEO Jacob Schram said Norwegian had “successfully” concluded the plan after it raised 6b kroner ($721m) through the sale of perpetual bonds, new shares and a rights issue. In January, the Oslo-based airline said it was ending its long-haul operations and was focusing instead on European destinations. The company then presented a plan that cut its fleet from 140 aircraft to about 50. Norwegian said it had reduced its total debt by approximately 63-65b kroner ($7.5b-$7.8b) to around 20b kroner ($2.36b) under a plan that had to be approved by bankruptcy courts in Ireland, where its planes are registered, and in Norway.<br/>
