Following the government of Norway’s decision to withhold further support from the airline, and the ongoing COVID-19 pandemic, Norwegian Air Shuttle ASA (Norwegian) has decided to initiate an examinership process in Ireland relating to its subsidiary Norwegian Air International Limited (NAI), its wholly-owned asset company Arctic Aviation Assets DAC (AAA) and some of AAA’s subsidiaries; Norwegian will also enter in and get protection of the Irish Examinership process as a related party.
Norwegian has chosen an Irish process since its aircraft assets are held in Ireland. Norwegian has taken this decision in the interest of its stakeholders.
The purpose of the process is to reduce debt, rightsize the fleet and secure new capital. This reorganisation process protects the assets of the Norwegian group while allowing the company to focus on the rightsizing of the group. The process is estimated to take up to five months.
Norwegian will continue to operate its route network (currently limited due to the Covid situation) and trade as normal on the Oslo Stock Exchange (Oslo Børs).
