Norwegian Air Shuttle rolls out rescue plan amid pandemic
Published : 03 Dec 2020, 22:41
Norwegian Air Shuttle, a struggling budget carrier, on Thursday rolled out a detailed plan to rescue itself from bankruptcy amid the COVID-19 pandemic, reported Xinhua.
The restructuring plan aimed at protecting "the interests of clients, employees, creditors as well as the company's shareholders," the company's chief executive Jacob Schram said in a statement.
The plan involves fleet downsizing, debt conversion and a rights issue of up to four billion kroner.
The measures are yet to be approved by shareholders at a general assembly on Dec. 17.
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