Norwegian’s reconstruction process in Ireland is approved

posted on 29th March 2021 by Eddie Saunders

Norwegian’s reconstruction process in Ireland, called the Examinership, was today approved by the judge in the Irish High Court.

Based on this decision, Norwegian will now send the same proposal for voting in Norway.

Following this, the company will start the process of raising capital with the goal of a final resolution by the end of May.

The goal of the process, which started on 18th November last year, is primarily to strengthen the company financially and to right size the fleet in order to adapt to future demands.

“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.” Says Jacob Schram, CEO of Norwegian.

The verdict from the Irish High Court was reached following meetings with the company’s creditors, whereby a large majority voted in favour of the reconstruction process.

A similar voting process will now take place with the creditors in the Norwegian reconstruction during the next 14 days, prior to the final ruling from the Norwegian Court. The Norwegian reconstruction is therefore continuing as planned, and is expected to be completed by mid May.

“This is a demanding and ongoing process,however, the result of the court rulings today enforces our beliefs of a positive final outcome. We are looking forward to and are preparing fora post-pandemic world, without travel restrictions and open borders.” Said Schram.