Oslo County Court approves Norwegian financial restructuring | News
The Oslo County Court has approved a reconstruction plan for low-cost carrier Norwegian in Norway.
Reaching this milestone means that both the reconstruction processes in Ireland and Norway have now been approved by the courts.
The company will now prepare the process of raising new capital.
The court reached a positive conclusion after the creditors approved the Norwegian reorganisation plan in a reconciliation period that ended on Friday.
“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,” said Jacob Schram, chief executive 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 raise is expected to be completed during May.
Also today, Norwegian said traffic figures for March has been impacted by weak demand as a result of international government travel restrictions across key markets.
In March, 71,399 customers flew with Norwegian, a decrease of 94 per cent compared to the same period last year.
However, the figure is an increase of approximately 10,000 passengers compared to February this year.
The increase of passengers in March is mainly explained by more domestic traffic over the Easter holidays.