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The case is being updated.
The Norwegian stock rose more than 70 percent on Thursday, just after kl. eleven.
It has a turnover of more than 500 million today. The Norwegian share has risen more than 150 percent in the last week.
Trading in the Norwegian stock was automatically stopped between 11.09.20 and 11.14.00 due to movements in the stock. According to the Oslo Stock Exchange, this is not an ordinary breakout of the stock market, but the “hedge” entered the stock for a few minutes, probably due to the big moves.
The Norwegian stock is also under particular watch on the Oslo Stock Exchange due to volatility in trading.
When a stock is subjected to a special observation, it means that the stock exchange authorities pay special attention to the trading of shares and it is a signal to market participants that they should be careful. When a breakout is introduced in the stock market, the automatic pairing of buy and sell orders stops, but professional players can trade in between. If the stock exchange authorities introduce a suspension, it is not possible to trade the share in any way.
Have a rescue plan
The company announced on Tuesday that it has sent a request to Asker and the Bærum District Court to start reconstruction negotiations in Norway, in parallel with a similar process in Ireland.
By agreement between Asker and the Bærum District Court and the Oslo City Sheriff’s Office, the latter processes the application, despite the fact that it has been sent to Asker and Bærum. Attorney Håvard Wiker has been appointed reorganizer.
On Tuesday morning, Norwegian wrote in an announcement on the stock exchange that the company had been granted the rebuild request. The Oslo City Sheriff’s Office ruling states that Norwegian is in “serious financial trouble,” which is a requirement that must be met in order to be rebuilt.
Ireland-grip
Norwegian received its application for bankruptcy protection from the High Court of Ireland on Monday.
– A parallel reconstruction under Norwegian law will be to the advantage of all affected parties and will increase the probability of a successful outcome. Our goal is to secure jobs across the company and help secure critical infrastructure and value creation in Norway, Norwegian CEO Jacob Schram says in the press release.
According to DN’s sources, the move was taken to prevent the Norwegian parent company’s creditors and suppliers from saying that they are not subject to Irish law or company bankruptcy protection in Ireland. Norwegian’s bond loan has been issued by the Norwegian parent company, so the bondholders are now also subject to the Norwegian restructuring.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases via a link, which leads directly to our pages. Copying or other use of all or part of the content can only be done with written permission or as permitted by law. For more terms, see here.
