Norwegian Air exits restructuring course of


The price range airline stated on Friday it had raised 6 billion Norwegian crowns ($721 million) in recent capital, as deliberate, greater than sufficient to fulfill the minimal requirement set by chapter courts in Dublin and Oslo.

The COVID-19 pandemic threw Norwegian, an already indebted service, right into a disaster in early 2020, forcing it will definitely to terminate massive components of its operations, together with its transatlantic community.

The corporate now has 51 plane, down from a pre-pandemic 156, whereas its debt quantities to between 16 billion and 18 billion Norwegian crowns, down from greater than 80 billion, it stated.

“All 51 plane shall be operated primarily based on ‘Energy by the Hour’ agreements by way of (the primary quarter of) 2022 which considerably enhance the corporate’s flexibility and restrict lease funds within the occasion of a protracted interval with difficult markets because of the COVID-19 pandemic,” the corporate stated.

($1 = 8.3167 Norwegian crowns)

(Reporting by Victoria Klesty, modifying by Terje Solsvik)

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