Norwegian Air Seeks Bankruptcy Protection Under Irish Law

Norwegian Air has asked an Irish court to oversee a restructuring of its massive debt as it seeks to stave off collapse amid the coronavirus pandemic, the carrier said on Wednesday, Reuters reported. Norway’s government on Nov. 9 rejected the airline’s plea for another injection of state funds, and the company said the following day it was at risk of having to halt operations in early 2021 unless it got access to more cash. Growing rapidly to become Europe’s third-largest low-cost airline and the biggest foreign carrier serving New York and other major U.S. cities, Norwegian’s debt and liabilities stood at 66.8 billion crowns ($7.4 billion) at the end of September. Read more