Norwegian Air plans to convert up to US$4.3 billion of its debt into equity and to issue new shares as it seeks to stay in business following the ...
Norwegian Air plans to convert up to US$4.3 billion of its debt into equity and to issue new shares as it seeks to stay in business following the COVID-19 outbreak that has grounded almost all of its fleet, the budget carrier said on Wednesday.
On March 16, the company announced temporary layoffs of 7,300 employees, about 90per cent of its workforce, and the following day called on Norway's government for help, saying it needed cash"within weeks, not months". If approved, Norwegian would convert part or all of its bonds worth 5.68 billion crowns into shares as well as leasing debt of up to 38.82 billion crowns, the company said.
Asset manager Sissener AS, which holds bonds in Norwegian with a nominal value of US$5 million, but also shorted some stock, said creditors may have few options but to accept the proposal. The stock has plunged almost 80per cent over the past two months as the crisis has engulfed the airline industry and deepened Norwegian's existing financial difficulties.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Korean Air puts 70% of staff on leave to cope with coronavirus pandemicSEOUL (AFP) - South Korea's flag carrier Korean Air will put 70 per cent of its 19,000 staff on furlough, it said, as it scrambles to cope with the coronavirus pandemic that has brought global aviation to a standstill.. Read more at straitstimes.com.
Read more »
As coronavirus hits tourism, Wizz Air finds new roleHungarian low-cost airline Wizz Air is repatriating citizens and transporting medical equipment for east European governments, in a move coupling ...
Read more »
Figure of US$6.5 billion in loans for Air France KLM 'not unrealistic': ministerA figure of 6 billion euros (US$6.5 billion) in loans to help Air France KLM amid the coronavirus crisis is 'not unrealistic', French junior ...
Read more »
Syrian air force behind chemical attacks, investigation team findsTHE HAGUE (REUTERS) - Syrian Arab Air Force pilots flying Sukhoi Su-22 military planes and a helicopter dropped bombs containing poisonous chlorine and sarin nerve gas on a village in the country's western Hama region in March 2017, a new team at the global chemical weapons watchdog has concluded in its first report.. Read more at straitstimes.com.
Read more »
Airbnb to terminate US$1 billion credit facility after private equity deal: sourcesAirbnb Inc is planning to terminate a US$1 billion credit facility following an investment of the same amount it secured from private equity firms ...
Read more »