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OSLO, Nov 18 (Reuters) - Norwegian Air has asked
an Irish court to oversee a restructuring of its massive debt as
it seeks to stave off collapse amid the coronavirus pandemic,
the carrier said on Wednesday.
Norway's government on Nov. 9 rejected the airline's plea
for another injection of state funds, and the company said the
following day it was at risk of having to halt operations in
early 2021 unless it got access to more cash.
Growing rapidly to become Europe's third-largest low-cost
airline and the biggest foreign carrier serving New York and
other major U.S. cities, Norwegian's debt and liabilities stood
at 66.8 billion crowns ($7.4 billion) at the end of September.
"Norwegian has chosen an Irish process since its aircraft
assets are held in Ireland," the company said in a statement.
"Based on Norwegian's current cash position and the
projections going forward, the company believes it has
sufficient liquidity to go through the above-mentioned process,"
it said.
Before the pandemic, Norwegian Air helped transform
transatlantic travel, expanding the European budget airline
business model to longer-haul destinations, making basic flights
cheaper for those prepared to go without frills.
(Reporting by Terje Solsvik, editing by Gwladys Fouche)
