Norwegian initiates reorganisation process in Norway

posted on 8th December 2020 by Eddie Saunders
Norwegian initiates reorganisation process in Norway

Norwegian has today filed for a reconstruction under Norwegian law. This process will coexist with the Irish Examinership process.

Following Norwegian being made subject to the examinership process in Ireland on December 7th, the company now wants to enter into a supplementary Norwegian reconstruction process. This was announced in a notice to the Stock Exchange today.

“A supplementary reconstruction process under Norwegian law will be to the benefit of all parties and will increase the likelihood of a successful result. Our aim is to secure jobs in the company and to contribute to securing critical infrastructure and value creation in Norway,” said Norwegian CEO, Jacob Schram.

“We will now concentrate on working towards our goal of reducing company debt, reducing the size of our aircraft fleet, and ensuring that we are a company that investors will find attractive. We will be ready to meet the competition for customers after the COVID-19 pandemic,” said Schram.

Norwegian filed for the Irish Examinership on November 18th. The processes will not have an impact on the current business. The Company will continue to operate its route network. Both its bonds and shares will continue to trade as normal on the Oslo Stock Exchange. As earlier stated, Norwegian Reward will continue as normal honouring and earning CashPoints for its members.