(Reuters) – The Irish High Court on Friday approved a reorganization plan submitted by Norwegian Air.
This reorganization plan, announced last year, puts an end to carrier Atlantic maritime services, which now focus on European flights, especially to the Nordic countries.
We are now able to move forward with the company’s reorganization in Norway and raise funds, ”said Group CEO Jacob Shram in a statement.
One of the conditions of the reorganization plan is to raise at least 4.5 billion Norwegian kroner (44 million euros) in the form of new shares and hybrid capital, which the Norwegian government has said it is ready to bring in 1.5 billion trophies.
Norwegian Air now plans to reduce the number of jets from 140 before the Pandemic to 53 and from 20 billion Norwegian kroner to 20 billion.
The next step for the Norwegian is to obtain permission from a Norwegian court and then seek permission from the Norwegian Financial Regulator to proceed with a new equity issue.
(Gladys Fouche; French version by Camille Rained)
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