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Norwegian will also enter and receive protection during the rebuilding process as an affiliated party.
“Norwegian has chosen an Irish process because the aircraft assets are owned by companies based in Ireland. Norwegian has made the decision in the interest of all stakeholders,” the airline writes.
According to Norwegian, the decision to initiate the process was made as a result of the Norwegian government’s decision not to provide additional support to the company during the ongoing covid-19 pandemic.
Norwegian continues to fly according to the current route schedule and the stock is listed as usual on the Oslo Stock Exchange, according to the airline.
“Applying for protection to reorganize under Irish law is a decision we have made to secure the future of Norwegian for the benefit of our employees, our customers and our investors. Our goal is to find solutions in collaboration with our stakeholders to overcome this as a financially stronger and stronger airline, ”says Norwegian CEO Jacob Schram.
The airline emphasizes that several other transportation companies have initiated different variants of rebuilding processes and achieved results that have been positive for customers, employees, shareholders and other stakeholders.
“Norwegian is therefore confident that we too will emerge as a stronger and more efficient airline, ready to meet renewed demand for flights in 2021 after the COVID-19 pandemic subsides,” the company writes.
Based on Norwegian’s current cash position and forecasts going forward, the company believes it has sufficient liquidity to cope with the process, it is said.
The airline will hold a press conference at 6 p.m. on Wednesday.
Earlier on Wednesday, the stock was delisted from the Oslo Stock Exchange.
