Norwegian is poised to unlock a crucial £230m point out bailout just after buyers backed a agonizing restructuring of the airline’s finances.
Shareholders approved plans on Monday for lenders and aircraft leasing firms to swap money owed of extra than 10bn crowns (£770m) for shares in the provider.
The debt-for-fairness swap was very important for Norwegian to entry governing administration assist from Oslo just after functions were brought to a in the vicinity of standstill by the coronavirus pandemic.
Norwegian, the third-biggest airline at Gatwick airport, was still left particularly uncovered by the global crisis, possessing racked up money owed of extra than £6bn to fuel a dramatic enlargement programme in modern decades.
The shareholder backing arrived just after a collection of impassioned pleas by the airline’s founder and previous main govt Bjorn Kjos.
Domestic media noted that he managed to improve the minds of quite a few teams of