Norway approves new law that could help rescue Norwegian Air

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.

The legislation replaces current regulation on debt negotiations and relaxes rules for converting debt into equity. 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.

50% of equity needs to approve. Good luck with that. 😂

head air mode

Hope so we have a voucher for our cancelled trip to Bergen to use.

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