Courts / Ireland / Report
Examiner 'confident' Norwegian can survive
Summary
The High Court extended Norwegian Air's examinership to 100 days, the maximum allowed. Examiner Mr Kieran Wallace, appointed by the court, said he remains confident the airline can survive as a going concern if it follows a proposed restructuring plan. The court set a hearing for 25 February to approve a scheme of arrangement that would keep the airline operating. Norwegian Air, owing creditors about US$5 bn, and its four Irish subsidiaries were granted protection. Wallace's report notes the airline is analysing a board‑proposed business plan, working with creditors, and seeking €400–480 m in new capital through a rights issue and private investment. He also mentioned ongoing talks with the Norwegian government about state participation. No decision on redundancies has yet been made, and the airline plans to end long‑haul flights, affecting employment. The court also ordered the winding up of subsidiary Torskefjorden Leasing Ltd, with Wallace and Andrew O'Leary appointed as joint liquidators.
Who, what, where, when and why
What: Report matter: Examiner 'confident' Norwegian can survive. Procedural stage: hearing_or_decision
When:
- February 25th Hearing Or Sentence
- 2021-01-22 Publication
Places mentioned
- The High Court
- Irish High Court
- High Court
Topics
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