newstodate.aero

Dec 08, 2020 (newstodate): Norwegian is now expanding its efforts to seek shelter from creditors allowing for a reconstruction of the company.
   Yesterday, the court in Dublin approved Norwegian's application for creditor protection relating to its subsidiary Norwegian Air International Limited, its wholly-owned asset company Arctic Aviation Assets DAC, and some of AAA’s subsidiaries.
   Today, the Norwegian group has also filed for a reconstruction under Norwegian law in parallel to the Irish Examinership process.
   -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, says Norwegian CEO, Jacob Schram, in a comment to the release.
   The crux for Norwegian remains to secure new capital and implement a legally binding scheme for the settlement of debts, while the carrier continue daily operations under the current coronavirus market conditions.