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Norwegian has filed for a “reconstruction” under Norwegian law as the carrier battles to survive the Covid-19 shutdown.
The airline said the process will coexist with the Irish examinership process.
The carrier was made subject to the examinership process in Ireland on December 7th, and now wants to enter into a supplementary Norwegian reconstruction process.
This move was announced in a notice to the Norwegian stock exchange today.
“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 chief executive, 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 18th and argues 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.
Source: breakingtravelnews.com
