Oslo Court grants Norwegian Air reconstruction petition
On December 8, 2020, Norwegian Air Shuttle filed a reconstruction process petition in Norway. Oslo City Court has granted the petition.
The Oslo City Court has granted the crisis-hit Norwegian Air petition for a supplementary reconstruction process under Norwegian law in order to enhance Irish Examinership process.
“A supplementary reconstruction process under Norwegian law will be to the benefit of all parties and will increase the likelihood of a successful result. Our aim is to secure jobs in the company and to contribute to securing critical infrastructure and value creation in Norway,” said Norwegian CEO Jacob Schram.
Norwegian became subject to the Irish Examinership process on December 7, 2020. The airline now will be able to move forward with the dual track process, as the petition for supplementary reconstruction in Norway has been granted.
“We will now concentrate on working towards our goal of reducing company debt, reducing the size of our aircraft fleet, and ensuring that we are a company that investors will find attractive. We will be ready to meet the competition for customers after the COVID-19 pandemic,” Schram added.
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