OSLO, May 4 — Norwegian Air said yesterday it had secured support from enough bondholders for a US$1.2 billion (RM5.15 billion) debt-for-equity swap, a vital step in helping it survive the coronavirus crisis. The budget airline is poised to run out of cash by mid-May without approval for its...
Budget carrier Norwegian Air is poised to run out of cash by mid-May without approval for its plan, which involves handing over most of the company to its lessors and bondholders.— Picture by Johan Nilsson/TT News Agency via Reuters
Airlines around the world have been hit particularly hard by the impact on travel of the coronavirus pandemic, with many forced to turn to governments for state aid to avoid bankruptcy. Although holders of three of its four bonds had given sufficient backing on Friday, support among holders of the NAS07 bond had fallen short of the minimum requirement, with only 62 per cent voting in favour, less than the 67 per cent required.
The same terms would apply for holders of another bond, the NAS08, but not for those of the NAS09, Norwegian Air said.
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