Courts / Ireland / Report
Norwegian creditors owed $5bn
Summary
The High Court confirmed the appointment of Mr Kieran Wallace as examiner for Norwegian Air and related companies, giving him up to 100 days to devise a scheme of arrangement for creditors owed about US$5 bn. The judge also placed Norwegian Air Shuttle ASA, the parent company, under examinership, noting its close connection to the Irish entities and that the process could be recognised by a Norwegian court. The examiner's role includes implementing a restructuring plan and securing additional financing, with an Independent Expert's Report indicating a reasonable prospect of survival. Creditors, including aircraft leasing firms and financial lenders, largely accepted the appointment, with only Rolls Royce expressing support. The court adjourned the matter to a later date, allowing the examiner to work with the group and its creditors to pursue a viable survival strategy.
Who, what, where, when and why
What: Report matter: Norwegian creditors owed $5bn. Procedural stage: hearing_or_decision
When:
- 2020-12-07 Publication
Places mentioned
- The High Court
- High Court
Topics
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