Norwegian Air Shuttle ASA aims to exit Irish insolvency proceedings in April as the carrier jettisons its low-cost long haul business to focus on flying in the Nordics, Bloomberg News reported. The airline expects to raise as much as 5 billion kroner ($580 million) in capital, including up to 2.5 billion kroner from existing creditors through a hybrid debt instrument, according to an investor presentation Wednesday. Secured creditors that contribute to the equity raise will boost their holdings, the company said.

The Irish High Court said on Friday it had granted an extension to Norwegian Air’s creditor protection, as requested by the examiner overseeing the process, Reuters reported. The extension to Feb. 25 was granted after a lawyer representing the Irish examiner told the court that the examiner believed the budget carrier had a reasonable prospect of survival. Norway’s government backed the airline’s survival plan on Thursday, saying it would stump up cash if private investors did too. “I will grant that application and extend the time for reporting...

Norway backed Norwegian Air’s survival plan on Thursday as Industry Minister Iselin Nyboe said that the government had no intention of being a shareholder but would stump up cash if private investors did too, Reuters reported. The heavily indebted budget carrier, which has been forced to ground all but six of its 138 aircraft due to the coronavirus crisis, asked the government for help last week. Norwegian was granted bankruptcy protection by courts in Ireland and Norway last year as it seeks to shed much of its debt. It plans to end its long-haul service.

The official overseeing Norwegian Air’s protection from its creditors in Ireland will present a report to the Irish High Court on Jan. 22, having received a business plan from the cash-strapped airline, Reuters reported.. The airline obtained creditor protection this month from courts in Norway and Ireland, giving it some breathing space to restructure its massive debts. Its main aircraft-owning subsidiaries are Irish and its parent company, Norwegian Air ASA, is registered in Norway.

Norwegian Air’s shareholders endorsed the airline’s financial rescue plan on Thursday in a series of votes, one of several hurdles the heavily indebted company must clear to survive the COVID-19 pandemic, Reuters reported. Norwegian Air now faces difficult negotiations with creditors as it tries to reduce its debt and liabilities of 66.8 billion Norwegian crowns ($7.8 billion). It must also find investors and lenders willing to put up fresh cash.

How Irish is Norwegian Air Shuttle? A High Court judge wanted to know last week. Enough to grant protection from creditors, it turned out. A few weeks earlier the Norwegian government was asking the low-cost airline how Norwegian it really was. Not enough to get a second bailout was the government’s conclusion, The Irish Times reported in a commentary. The nationality of a company can often seem unimportant. Businesses are founded in one country, move to a second and can list on the stock exchange in a third, all while their main business could be in a fourth.

Nordic Aviation Capital is the first large aircraft leasing company to be engaged in a corporate restructuring due to Covid-19, ICLG.com reported. A world-leading aircraft leasing company, Nordic Aviation serves 75 airlines in over 50 countries. On 20 August, the company released a press statement announcing the appointment of a new CEO, Patrick de Castelbajac.

Norwegian Air was given additional creditor protection by a court in Norway on Tuesday on top of that granted by an Irish judge on Monday, allowing the cash-strapped airline’s restructuring efforts to continue, Reuters reported. “A supplementary reconstruction process under Norwegian law will be to the benefit of all parties and will increase the likelihood of a successful result,” Chief Executive Jacob Schram said. Norwegian said it could now move forward with the dual-track process.

Norwegian Air, which has filed for bankruptcy protection in Ireland, has reported a 95 per cent collapse in passenger numbers in November, The Irish Times reported. The troubled carrier said 124,481 customers flew with it last month as travel restricions across Europe continued to decimate air travel. The airline is flying just six of its aircraft, as the pandemic has grounded the remaining 134. “The pandemic continues to have a negative impact on our business as travel restrictions remain,” chief executive Jacob Schram said.

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.