Norwegian Air shares plummet 60% after proposed rescue plan
FILE PHOTO: A Norwegian Air plane is refuelled at Oslo Gardermoen airport, Norway November 7, 2019. REUTERS/Lefteris Karagiannopoulos/File Photo
OSLO - The share price of Norwegian Air fell by 60% on Tuesday, the first day of trading following the company’s proposal of a financial rescue package on April 8. If approved by creditors and shareholders, the plan would convert $4.3 billion of debt into equity, and also raise some new equity, wiping out much of the remaning value of the company’s current shares.
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