99.57 percent of shareholders voted in favor – E24

The case is being updated …

After 44 minutes, it was clear: 99.57 percent of shareholders who had connected or submitted a power of attorney said yes to Norwegian’s latest rescue plan.

Thus, the company has overcome one of the major obstacles on the way to save the company from bankruptcy. The next hurdle to overcome is the different groups of creditors.

Norwegian formally unveiled the new rescue plan on March 11. This week, meetings between shareholders and creditors have been called where they will vote on the rescue plan (read about the plan in the data box below).

Shareholders were asked to say yes, no and refrain from the rescue plan that has been presented.

The general meeting which started at 09:00 Norwegian time was chaired by Kieran Wallace, KPMG’s court appointed rebuilder in Ireland.

At 09:44, he and his lawyer were able to conclude that 186 shareholders, who own just over 158,000 shares, had voted in favor. As of today, Norwegian has a total of 40.2 million shares, indicating that about 0.4 percent of all shares voted in favor.

If the company gets the vote it needs from the various actors, then the process can continue and the two judges can approve the rescue plan that has been presented.

The extraordinary general meeting begins at 09:00, closely followed by the first meeting of creditors.

See the overview of meeting times below: E24 continuously monitors developments.

You must collect at least 4.5 billion

Norwegian airline is now undergoing its second restructuring in two years.

When the corona pandemic really hit the world a year ago, aviation was sent into its deepest crisis in modern history.

Norwegian was hit hard and, to avoid bankruptcy last year, the company managed to put in place a rescue plan that ensured the survival of the company for a time.

Towards the end of last year, the company needed more capital and the company filed for bankruptcy protection in both Ireland and Norway as part of the rescue operation. Since then, they have worked hard to get rid of the planes, get creditors to reduce debt, and seek investors who want to put new money into the company.

– The airline was established in 1993 and was one of the largest low-cost airlines in Europe and among the ten largest in the world. In 2019, they carried 36 million passengers and we all know the effect of the pandemic as of March 2020, Kieran Wallace said in his introduction.

– 95 percent of all flights were canceled and in June 2020, 8,000 employees were laid off or laid off, it continued.

He noted that the restructuring is dependent on Norwegian being able to raise at least NOK 4.5 billion.

– It is worth mentioning that if the company cannot raise capital, the reconciliation proposals will not be implemented. If the amount is greater than $ 4.5 billion, the dilution may be higher, Wallace said, referring to ownership by creditors and existing shareholders.

Here is the meeting schedule

Thursday March 18 – Time (Norwegian time):

• 09:00 – Extraordinary General Meeting – Norwegian Air Shuttle (the listed Norwegian parent company)
• 13:00 – Meeting for Unsecured Creditors on Norwegian Air Shuttle
• 17:45 – Meeting for creditor clients on Norwegian Air Shuttle

Friday March 19 – Time (Norwegian time):

• 09:15 – Meeting for Unsecured Creditors at Norwegian Air International (Norwegian’s Irish Airline)
• 10:30 – Meeting for creditor clients at Norwegian Air International