Update on Norwegian

The Oslo County Court has approved Norwegian's reconstruction plan in Norway. Reaching this milestone means that both the group's reconstruction processes in Ireland and Norway have now been approved by the courts.

The next big step is to raise up to just over $700m in fresh capital before emerging from bankruptcy protection and evolving as a purely European networked low-cost airline.  Norse Atlantic, with an involvement by former Norwegian chairman Bjorn Kise, has taken over any long-haul aspirations.  

“We are very pleased with this important positive decision by the court. Once we have passed these two biggest legal milestones we can look forward to continuing the work of raising new equity.” says Jacob Schram, CEO of Norwegian.

“I stand very proud of the achievements that Norwegian has accomplished throughout this period and I am grateful to work alongside so many colleagues that have shown such unwavering commitment and determination for us to succeed. At the same time, I wish to recognise the crucial support that we have received which has enabled us to continue our business.”

The rulings in both Ireland and Norway become final when the planned equity has been obtained. The capital raising is expected to be completed during the month of May.

www.norwegian.com

https://flynorse.com

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