The Oslo County
Court has approved the reconstruction plan of Norwegian Airlines. This follows the approval of the examinership
process in Ireland. The airline said
it would now start the process of raising new capital.
“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
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.
The airilne said in January that it was permanently grounding its long-haul, low-cost services. In March, Norwegian founder Bjørn Kjos was revealed as one of the backers of a new carrier with a similar model, Norse Atlantic Airways.