Norwegian Air has come up with a proposal for a rescue plan to get through the corona crisis. The Norwegian price fighter wants to stay afloat by converting debts into shares. As a result, the current shareholders together would only have an interest of more than 5 percent.
In this way, the Norwegians hope to gradually emerge from the crisis, to be back in a somewhat normal way by 2022. All interested parties will have to consider the plan in the near future. Bondholders, lease companies and shareholders must agree. If approved, this would also allow Norwegian to benefit from Norwegian government support schemes.
The airline has been in financial distress for some time. The corona crisis has exacerbated the situation. Norwegian hardly runs any flights anymore. About 95 percent of the fleet is currently grounded. Only seven aircraft are still in operation. Earlier there were reports that there would be thousands of jobs at risk. The fifth largest budget flyer in the world employs some 11,000 people in total.
