Consumer Law

Norwegian Air Filed For Bankruptcy

(CNN Business)Norwegian Air is seeking protection from its creditors as it attempts to restructure its business and survive the coronavirus pandemic.

The budget carrier said in a statement on Wednesday that it has decided to file for examinership in Ireland, which is where its aircraft assets are held. Examinership allows companies to seek a court’s protection from creditors for up to 100 days, and is the rough equivalent of Chapter 11 bankruptcy in the United States.
“The purpose of the process is to reduce debt, rightsize the fleet and secure new capital,” Norwegian Air said. The process is expected to take up to five months, it added.

Read the source article at cnn.com

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