Norwegian Air said on Sunday it had secured support from enough bondholders for a $1.2 billion debt-for-equity swap, a vital step in helping it survive the coronavirus crisis.
) said on Sunday it had secured support from enough bondholders for a $1.2 billion debt-for-equity swap, a vital step in helping it survive the coronavirus crisis.
Airlines around the world have been hit particularly hard by the impact on travel of the coronavirus pandemic, with many forced to turn to governments for state aid to avoid bankruptcy. Although holders of three of its four bonds had given sufficient backing on Friday, support among holders of the NAS07 bond had fallen short of the minimum requirement, with only 62% voting in favour, less than the 67% required.
The same terms would apply for holders of another bond, the NAS08, but not for those of the NAS09, Norwegian Air said.
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