Deals
Norwegian Air Owners Approve Crisis Plan to Keep It Alive
- Shareholders back deal handing most equity to creditors
- Airline still faces future funding needs amid historic slump
April 28: European Airlines Urgently Need Government Cash Injections: IATA
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Norwegian Air Shuttle ASA shareholders approved a restructuring plan that hands almost all of the company’s equity to its creditors, after the coronavirus crisis pushed the struggling airline to the brink of survival.
The plan converts almost $1 billion of debt into stock, qualifying the low-cost carrier for state loan guarantees that, along with the sale of new shares, will keep it afloat for at least several months.