News

Irish High Court Approves Norwegian Rescue Plan

Irish High Court Approves Norwegian Rescue Plan

The Irish High Court has approved the financial restructuring plan for Norwegian Air, which now allows it to present the same proposal for approval in Norway.

Jacob Schram, Chief Executive, Norwegian

Norwegian can now begin the process of raising capital that will help the airline come out of examinership by the end of May.

Jacob Schram, chief executive of Norwegian, said: “We are very happy to learn that the Irish High Court has approved the reconstruction plan.

“We can now go forward with the reconstruction in Norway and initiate a capital raise.”

The High Court verdict came on the heel of positive meetings with the airline’s creditors, of whom a majority were in favour of the reconstruction process. Creditors in Norway will now have a chance to vote ahead of a final ruling by a Norwegian court.

 

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Fionn Davenport is the editor-in-chief of the ITTN group, including ITTN and ITTN Ireland. He's one of Ireland's best-known travel journalists and writers, with nearly 30 years' experience writing guidebooks for Lonely Planet and others.

More in News

New York Wants to Offer Free Vaccines to Tourists

Fionn DavenportMay 7, 2021

Stena Line & Irish Ferries call for Reopening of Common Travel Area

Fionn DavenportMay 7, 2021

British Airways’s New Ad is All About You

Fionn DavenportMay 7, 2021

UK Tourism Bodies Appeal for Greater Clarity & Flexibility Around International Travel

Fionn DavenportMay 7, 2021

ECTAA Webinar to Push Croatia as a ‘Safe & Attractive’ Destination

Fionn DavenportMay 7, 2021

Time to Start ‘Planning our Summer’, says Holohan as 30% of Adults Receive First Covid Jab

Fionn DavenportMay 7, 2021

IATA Brands Spanish Airport Charge Hike as ‘Irresponsible’

Fionn DavenportMay 7, 2021

Losses Mount for IAG as Forecast is For Subdued Return

Fionn DavenportMay 7, 2021

Ireland had EU’s Most Stringent Lockdown this Year

Fionn DavenportMay 7, 2021

Copyright © 2021 ittn