OSLO: Norway's parliament voted through a new company restructuring law on Friday that could help save Norwegian Air and many other companies from potential bankruptcy as a result of the restrictions to stem the spread of COVID-19.
Her comments were not aimed at any specific firms, but budget carrier Norwegian Air is among those likely to benefit, said Kristoffer Aaseboe, a lawyer at Oslo-based law firm Bull & Co. The airline is seeking to convert debt to equity to qualify for state guarantees in a bid to survive the coronavirus crisis, which has grounded all but a handful of its nearly 160 aircraft.The law will mean only 50 per cent of the debtors and 50 per cent of shareholders have to agree to a solution, which is less strict than under the current law, Bull & Co lawyer Klemet Gaski said.