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Interim examiner appointed to Norwegian Air companies

Summary

The High Court appointed Mr Kieran Wallace as interim examiner to several Irish‑registered companies of the Norwegian Air group, including Arctic Aviation Assets DAC, Norwegian Air International Ltd, Drammensf Jorden Leasing Ltd, Torskef Jorden Leasing Ltd and Lysakerf Jorden Leasing Ltd, as well as the parent Norwegian Air Shuttle ASA. The firms sought examinership because of financial difficulties largely caused by the Covid‑19 pandemic. Mr Justice Michael Quinn noted that an Independent Expert's Report indicated the companies had a reasonable prospect of survival if an examiner was appointed and a restructuring plan fully implemented, including additional financing. The court was satisfied that creditors, such as aircraft leasing companies and financial lenders, would benefit from a successful examinership rather than liquidation. The board of directors petitioned for the appointment, hoping Mr Wallace would devise a scheme of arrangement to allow the companies to continue as going concerns. The matter was adjourned to December.

Who, what, where, when and why

What: Report matter: Interim examiner appointed to Norwegian Air companies. Procedural stage: hearing_or_decision

When:

• 2020-11-18 Publication

Places mentioned

Topics

Stage Hearing Or Decision

Read the original CNI report