BROWSE

Norwegian Air updates offer to creditors in key step towards survival | Reuters

Norwegian Air said it had presented an updated restructuring proposal to creditors on Thursday, a major step in the airline’s plan to sharply cut its debt and trim the fleet to overcome the coronavirus pandemic.

If approved by a sufficient number of creditors and by Ireland’s High Court, the scheme is expected to enable Norwegian to raise new capital and thus allow it to emerge from court-provided bankruptcy protection next month. (Reporting by Terje Solsvik; Editing by Edmund Blair)

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