Norwegian Air Shuttle has filed for a reconstruction under Norwegian law. This follow the airline’s earlier application for bankruptcy protection under an Irish examinership process.
The airline is undertaking reconstruction in order to “resize its balance sheet” and says it will not affect the examinership process nor have an impact on the business and its currently restricted domestic route network.
Norwegian CEO, Jacob Schram, said, “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.
“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."
The group said that Norwegian Reward members would continue to be able to earn and use Cash-Points.