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Irish court grants extension to Norwegian Air's debt restructuring

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To approve the restructuring, the Dublin court must be convinced that Norwegian Air continuing in business is better for creditors than a winding up of the company.

While the outcome is also subject to approval by a court in Oslo, the Irish process is seen as taking precedence as most of Norwegian's assets are registered to Irish subsidiaries.

A hearing to consider the repudiation of some of Norwegian's liabilities will be heard by the Irish High Court on January 28. Under the parallel Norwegian process, details of the proposed restructuring will be presented to creditors on January 27, with a binding vote to follow on a later date.

 

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