Irish court approves Norwegian Air restructuring scheme

FILE PHOTO: Norwegian Air Sweden Boeing 737-800 plane SE-RRJ approaches Riga International Airport in Riga
FILE PHOTO: Norwegian Air Sweden Boeing 737-800 plane SE-RRJ approaches Riga International Airport in Riga, Latvia January 17, 2020. REUTERS/Ints Kalnins

March 26, 2021

DUBLIN (Reuters) – Ireland’s High Court on Friday approved Norwegian Air’s restructuring scheme, clearing the way for the airline to raise new capital and emerge from bankruptcy protection in Ireland and Norway in May.

“I have decided that it is appropriate to confirm the proposals of the examiner,” Justice Michael Quinn told the court.

“I am persuaded by the evidence of the examiner that these proposals can facilitate the survival of the companies as a going concern.”

The court made the ruling, a key milestone in the airline’s battle to survive the coronavirus pandemic which has decimated air travel, after none of the company’s creditors challenged the proposed scheme during a two-day hearing.

(Reporting by Conor Humphries, writing by Gwladys Fouche, editing by Victoria Klesty)