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Court approves survival plan for Norwegian

Summary

In a written decision dated 22 April 2021, the High Court approved a survival plan for Norwegian Air and its Irish subsidiaries. Mr Justice Michael Quinn, after reviewing the examiner Mr Kieran Wallace's report, was satisfied that the restructuring proposals would allow the companies to continue as going concerns rather than be wound up. The plan had been approved by each company's members and at least one class of creditors. The judge noted no improper purpose or tax avoidance motive and found the proposals fair to all creditor classes. He also expressed confidence that the necessary investment could be secured, citing support from Norwegian investors, the Norwegian government, and other stakeholders. The court therefore confirmed the scheme of arrangement, recognising the viability of the group's future operations. The decision followed the earlier examinership of the Norwegian parent and several Irish subsidiaries, which had been one of the largest in Irish history.

Who, what, where, when and why

What: Report matter: Court approves survival plan for Norwegian. Procedural stage: hearing_or_decision

When:

• 2021-04-22 Publication

Places mentioned

Topics

Stage Hearing Or Decision

Read the original CNI report