HomeNewsIrish 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.

 

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