Norwegian’s rescue plan approved as no creditors appeal

Norwegian (DY, Oslo Gardermoen) declared in a statement on May 18 that no creditors had filed appeals against its court-ordered debt reconstruction plan within a specified deadline, meaning that the scheme is consequently “final and binding”. The company is now “determined to complete the reconstruction process” – which was overseen by the Irish High Court in Dublin and Oslo City Court (Byfogdembete) – as planned by next Wednesday, May 26, it added. Norwegian’s share price was among the biggest risers on the Oslo Stock Exchange on May 18, increasing by around 28%, according to the online business newspaper E24 Næringsliv. As previously reported, to complete the rescue on time, Norwegian must succeed in raising new capital in an ongoing fundraising process consisting of an offering of perpetual bonds, a rights issue, and a private placement.