Norwegian has today filed for reconstruction under Norwegian law. This process will coexist with the Irish Examinership process.
Following Norwegian being made subject to the examinership process in Ireland on December 7, the company now wants to enter into a supplementary Norwegian reconstruction process. This was announced in a notice to the Oslo Stock Exchange.
“A supplementary reconstruction process under Norwegian law will be to the benefit of all parties and will increase the likelihood of a successful result. Our aim is to secure jobs in the company and to contribute to securing critical infrastructure and value creation in Norway,” said Norwegian CEO, Jacob Schram.
“We will now concentrate on working towards our goal of reducing company debt, reducing the size of our aircraft fleet, and ensuring that we are a company that investors will find attractive. We will be ready to meet the competition for customers after the COVID-19 pandemic,” said Schram.
Norwegian filed for the Irish Examinership on November 18. The processes will not have an impact on the current business. The Company will continue to operate its route network. Both its bonds and shares will continue to trade as normal on the Oslo Stock Exchange. As earlier stated, Norwegian Reward will continue as normal honouring and earning CashPoints for its members.
This post was published on 8 December 2020 18:09
Airbus is preparing to decide on an expansion of A350 production capacity as airlines seek…
Ryanair responded to a passenger’s complaint about its windowless seat 11A with a characteristic social-media…
VINCI Airports has launched the redevelopment of Terminal 2 at Lyon-Saint Exupéry Airport, with opening…
Joshua Wander, co-founder and chief executive of 777 Partners, the investment firm that financed failed…
Condor has launched daily flights between Berlin Brandenburg and Abu Dhabi, operated in codeshare with…
Delta Air Lines will introduce daily seasonal flights between Boston and Reykjavík Keflavík on 12…