Norwegian is applying for bankruptcy protection for subsidiaries in Ireland

Norwegian plane aircraftPhoto: Ole Berg-Rusten / NTB
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Norwegian is applying for bankruptcy protection for two subsidiaries in Ireland – one of the subsidiaries is responsible for the company’s fleet.

“As a result of the Norwegian authorities’ refusal to support the airline in the ongoing pandemic, Norwegian Air Shuttle ASA (Norwegian) has decided to initiate a reorganization process in Ireland related to the subsidiaries Norwegian Air International (NAI) and Arctic Aviation Assets DAC (AAA *),” the company announced in a press release.

“We have made the decision to apply for protection to reorganize under Irish law to secure Norwegian’s future, so that it benefits our employees, customers, and investors,” CEO Jacob Schram noted in a press release.

“Our goal is to find solutions in collaboration with our stakeholders that enable us to come through this as a financially stronger and more robust airline,” he continued.

Norwegian will continue to fly on its current route program, and its share will be traded as normal on the Oslo Stock Exchange.

© NTB Scanpix / #Norway Today

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