Norwegian gets court approval for reconstruction plan

posted on 12th April 2021 by Eddie Saunders
Norwegian gets court approval for reconstruction plan

By Edward Robertson

Norwegian has got one step closer to completing its reconstruction process after gaining court approval for the plan in Oslo.

The Oslo County Court’s backing of its reconstruction plan, which has seen it pull all long-haul services to focus on European flights, means it now has court approval in both Norway and Ireland for the changes.

The court’s decision comes after the creditors approved the Norwegian reorganization plan in a reconciliation period that ended on Friday 9, April.

Norwegian CEO Jacob Schram said: “We are very pleased with this important positive decision by the court. Once we have passed these two biggest legal milestones we can look forward to continuing the work of raising new equity.

“I stand very proud of the achievements that Norwegian has accomplished throughout this period and I am grateful to work alongside so many colleagues that have shown such unwavering commitment and determination for us to succeed.

“At the same time, I wish to recognise the crucial support that we have received which has enabled us to continue our business.”

The rulings in both Ireland and Norway become final when the planned equity has been obtained, a process that is expected to be completed during the month of May.