Norwegian Air Aims to Restructure, Sell Planes and Shares In Bid to Survive

Norwegian Air proposed on Thursday to convert debt to equity, offload planes and sell new shares in an attempt to survive the COVID-19 pandemic, which has brought the company to its knees, Reuters reported. As part of the plan, the Oslo-based carrier, which recently applied for bankruptcy protection in an Irish court, aims to raise up to 4 billion Norwegian crowns ($455.4 million) from the sale of new shares or hybrid instruments, it said. “The company asks for the continued support of its shareholders to prepare for future capital increases in parallel with the restructuring of its balance sheet,” Norwegian said in a statement. It will also seek to only pay lessors for the use of the aircraft when they are actually in use, by the hour, until 2022. Read more