Norwegian Air files for bankruptcy protection in IrelandChristian Fernsby ▼ | November 21, 2020
Norwegian Air Shuttle decided to initiate an examinership process in Ireland relating to its subsidiary Norwegian Air International Limited (NAI), its wholly-owned asset company Arctic Aviation Assets DAC (Norwegian Air) and some of Norwegian Air’s subsidiaries; Norwegian will also enter in and get protection of the Irish Examinership process as a related party.
Ireland Norwegian Air
The purpose of the process is to reduce debt, rightsize the fleet and secure new capital. This reorganisation process protects the assets of the Norwegian group while allowing the company to focus on the rightsizing of the group. The process is estimated to take up to five months.
Norwegian will continue to operate its route network (currently limited due to the Covid situation) and trade as normal on the Oslo Stock Exchange (Oslo Børs). Norwegian Reward will continue as normal honouring and earning CashPoints for its members. ■