By Victoria Klesty OSLO, Dec 17 (Reuters) - Norwegian Air's
By Victoria Klesty
OSLO, Dec 17 (Reuters) – Norwegian Air’s NORR.OL shareholders endorsed the service’s monetary rescue plan in a collection of votes on Thursday, one in every of a number of hurdles the corporate should clear with a view to survive the COVID-19 pandemic, the airline mentioned.
The airline faces troublesome negotiations with collectors within the coming months because it seeks to cut back its debt and liabilities of some 66.Eight billion crowns ($7.75 billion), and should additionally discover buyers and lenders prepared to place up contemporary money.
The airline earlier this month obtained creditor safety from courts in Norway and Eire, permitting it some respiratory house because it seeks to transform debt into fairness.
The corporate goals, with the assistance of the courts, to emerge by Feb. 26 as a smaller however extra environment friendly service with fewer plane, much less debt and extra fairness.
If it fails, Norwegian has mentioned it may run out of money by the tip of March.
($1 = 8.6226 Norwegian crowns)
TIMELINE-Norwegian Air’s rise and battle for survival
EXPLAINER-Why Norwegian Air issues to Norway
GRAPHIC-Norwegian Air fleethttps://tmsnrt.rs/2VuZiOp
(Reporting by Victoria Klesty, writing by Terje Solsvik, modifying by Gwladys Fouche)
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