Norwegian Files for Reorganization Under Norwegian Law, Further Expanding Company Restructuring
The new filing in Norway will coexist with the company’s previous November 18, 2020 filing for Irish Examinership. The process will not impact on current business and the carrier will continue to operate their route network.
On Tuesday (December 8, 2020), Norwegian announced that they have filed for reconstruction under Norwegian Law. The latest filing follows the carrier’s November 18, 2020 filing for Irish Examinership, and the two processes will coexist. Norwegian’s current business will not be impacted and the carrier will continue to operate their route network. The Norwegian Reward loyalty program will allow members to continue to earn and redeem CashPoints. Shares and bonds in the company will continue to trade as normal on the Oslo Stock Exchange. In today’s announcement, Norwegian’s CEO, Jacob Schram, said,
“A supplementary reconstruction process under Norwegian law will be to the benefit of all parties and will increase the likelihood of a successful result. Our aim is to secure jobs in the company and to contribute to securing critical infrastructure and value creation in Norway. We will now concentrate on working towards our goal of reducing company debt, reducing the size of our aircraft fleet, and ensuring that we are a company that investors will find attractive. We will be ready to meet the competition for customers after the COVID-19 pandemic.”
Norwegian Air operates a modern fuel efficient fleet and offers guests value and choice throughout their journey including free ‘gate to gate’ Wi-Fi allowing customers to remain connected throughout their onboard experience. The carrier is the world’s fifth largest low-cost carrier (LCC) and carried over 36 million passengers in 2019. Norwegian also received awards for “Loyalty Program of the Year’ and ‘Best Customer Service’ at the 2020 Freddie Awards for their Norwegian Reward loyalty program. Additionally, the airline was voted ‘Europe’s Best Low-Cost Airline’ by passengers at the SkyTrax World Airline Awards from 2013-2019 as well as ‘World’s Best Low-Cost Long-Haul Airline’ for the past five years.
Source: Norwegian Air