) are set to vote on Thursday on the airline’s debt-to-equity plan, the first major test of the budget carrier’s rescue efforts amid the coronavirus outbreak.
If successful, the plan would allow Norwegian to tap government guarantees of up to 2.7 billion crowns which hinges on a reduction its ratio of debt to equity, on top of 300 million crowns it has already received. Some bondholders have said they would vote in favour of the plan, although the outcome of the vote is unclear.Norwegian grew rapidly in the last decade to become Europe’s third-largest low-cost airline and the biggest foreign carrier serving New York and other major U.S. cities but it also accumulated debt and liabilities of close to $8 billion.
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