The company said a day after it was at risk of having to halt operations in early 2021 unless it got access to more cash.Īfter growing rapidly to become Europe's third-largest low-cost airline and the biggest foreign carrier serving New York, Norwegian's debt and liabilities stood at 66.8 billion crowns ($7.4 billion) at the end of September. Norway's government rejected the airline's plea for another injection of state funds last month. The company underwent a smaller debt restructuring and refinancing in May, securing Norwegian state loan guarantees worth 3 billion Norwegian crowns and converting parts of its debt from leasing corporations such as Aercap and BOC Aviation. The company has opted for an Irish process as most of its planes are owned by subsidiaries registered in Ireland. Combined with its integrated subsidiaries that operate additional short-haul flights, the airline flies to 104 destinations as of January 2021. The company's plan is to exit the Irish court process as a viable carrier that has the potential to turn a profit, with the current aim of completing the transformation by Feb. Norwegian Air Shuttle serves destinations throughout Europe and North Africa for both business and leisure markets. It did not say how much debt it wanted to convert.Ī hearing at the Irish High Court, during which Norwegian will seek bankruptcy protection - called "examinership" in Ireland - is scheduled for Monday. Norwegian aims to convert debt accrued from aircraft purchases, leasing liabilities and bond obligations as well as money owned to other vendors and suppliers into shares, thus helping restructure its balance sheet. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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