Published on December 7th, 2020 | by Alan Dwyer0
Examiner Appointed to Norwegian Air International
The Irish High Court has granted creditor protection to Norwegian Air and its Irish subsidiaries, allowing the airline more time to restructure its debts. Last month, the airline and some of its subsidiaries applied to the High Court for examinership protection due to rising debts caused by the effects of the COVID-19 pandemic.
Justice Michael Quinn told the court, “I have concluded in this case that it is appropriate to appoint an examiner both in relation to the five petitioner companies and also in relation to the related company Norwegian Air Shuttle ASA.” The judge has appointed Kieran Wallace as examiner to Irish-registered Norwegian Air International, Artic Aviation Assets DAC, Drammensfjorden Leasing, Torskefjorden Leasing, Lysakerjorden Leasing and Norwegian Air Shuttle.
Norwegian owes creditors, mainly aircraft lessors and banks, more than $5 billion (€4.1 billion) in total, while it faces running out of cash early next year. The ruling gives Mr Wallace up to 100 days to come up with a rescue plan for the airline and the Irish companies. Arctic Aviation and the three leasing companies hold 72 of the group’s 140 aircraft. The five Irish companies between them owe creditors a total of $4.6 billion. Norwegian are currently only flying six of their Boeing 737-800 aircraft on domestic routes in Norway. Their Boeing 737MAX aircraft remain grounded while the certification for the return to flight in Europe process continues. The airlines fleet of Boeing 787 Dreamliners are also grounded with two having recently found new operators. Two aircraft are currently at Dublin Airport for repaint into the colours of Italian charter operator Neos. A third Dreamliner arrived in Shannon on Monday 7th December for parking.