Irish court grants extension to Norwegian Air's debt restructuring
- The extension to Feb. 25 was granted after a lawyer representing the Irish examiner told the court that the examiner believed the budget carrier had a reasonable prospect of survival.
- I will grant that application and extend the time for reporting... to the 25th of February.
DUBLIN: The Irish High Court said on Friday it had granted an extension to Norwegian Air's creditor protection, as requested by the examiner overseeing the process.
The extension to Feb. 25 was granted after a lawyer representing the Irish examiner told the court that the examiner believed the budget carrier had a reasonable prospect of survival.
Norway's government backed the airline's survival plan on Thursday, saying it would stump up cash if private investors did too.
"I will grant that application and extend the time for reporting... to the 25th of February," Justice Michael Quinn told the court.
Norwegian was granted bankruptcy protection by courts in both Ireland and Norway late last year as it seeks to shed much of its debt.
It plans to end its long-haul service and it will initially cut its fleet to about 50 aircraft from the current 138 as part of its reconstruction plan presented last week.
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