Norwegian’s restructuring plan receives court approval

Saturday, 13 Apr, 2021 0

Norwegian’s proposal for restructuring has received approval in its home country.

The Oslo County Court approved the plan which means it has the legal green light for the group’s reconstruction processes in both Norway and Ireland.

The company will now prepare the process of raising new capital.

The court reached a positive conclusion after the creditors approved the Norwegian reorganisation plan in a reconciliation period that ended on Friday 9 April.

"We are very pleased with this important positive decision by the court. Once we have passed these two biggest legal milestones we can look forward to continuing the work of raising new equity." said Jacob Schram, CEO of Norwegian.

"I stand very proud of the achievements that Norwegian has accomplished throughout this period and I am grateful to work alongside so many colleagues that have shown such unwavering commitment. At the same time, I wish to recognise the crucial support that we have received which has enabled us to continue our business."

The rulings in both Ireland and Norway become final when the planned equity has been obtained. The capital raise is expected to be completed during the month of May.

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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.

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