OSLO, April 27 — Beleaguered low-cost carrier Norwegian Air Shuttle today unveiled a rescue plan involving a debt to equity swap that would erase most shareholders’ stakes, as it vies for state aid to survive. If approved, the plan would dilute existing shareholders’ stakes to just 5.2 per...
Currently, 95 per cent of Norwegian’s fleet is grounded, and only seven aircraft are still in use on domestic routes in Norway. — Reuters pic
Added to that the current coronavirus pandemic, which has dealt a heavy blow to the entire airline industry, has left the company teetering on the brink of bankruptcy.
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