Norwegian’s reconstruction in Norway receives court approval

The Oslo County Court, has approved Norwegian’s reconstruction plan in Norway. Reaching this milestone means that both the group’s reconstruction processes in Ireland and Norway have now been approved by the courts. The company will now prepare the process of raising new capital.

The court reached a positive conclusion after the creditors approved the Norwegian reorganization plan in a reconciliation period that ended on Friday 9 April.

“We are very pleased with this important positive decision by the court. Once we have passed these two biggest legal milestones we can look forward to continuing the work of raising new equity.” says Jacob Schram, CEO of Norwegian.

“I stand very proud of the achievements that Norwegian has accomplished throughout this period and I am grateful to work alongside so many colleagues that have shown such unwavering commitment and determination for us to succeed. At the same time, I wish to recognise the crucial support that we have received which has enabled us to continue our business.”

The rulings in both Ireland and Norway become final when the planned equity has been obtained. The capital raise is expected to be completed during the month of May.