Norwegian Air gets govt backing for survival plan

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Fri, 2021-01-22 04:22

OSLO, Norway:  The Norwegian state said on Thursday it was ready to offer aid to Norwegian Air, after the ailing low-cost airline presented a new plan to survive its COVID-induced crisis.

Hit hard by the COVID-19 pandemic’s impact on travel, having already been in financial trouble before, Norwegian applied for bankruptcy protection in both Ireland and Norway in December to buy time to work out a solution with its creditors.

Norwegian Air’s new business plan involves strong interventions in the company’s debt structure and the inflow of around $500 million in fresh capital. (AFP)
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