Norwegian Secures Extension to Examinership
At a sitting of the High Court on Friday, Norwegian Air secured an extension to its examinership for another 50 days. The extension was granted by Mr. Justice Michael Quinn after he said there were exceptional circumstances due to the impact of the COVID-19 pandemic. The airline’s examiner, Mr. Kieran Wallace of KPMG said that the extension was required to seek an agreement with creditors to allow the airline to trade as a going concern.
While they did seek to have the maximum extension permitted of 50 days added to the examinership process, Mr Wallace remains hopeful of bringing a proposal to court in 25 days but wanted the additional time to allow for any slippage. Mr Wallace remains confident that a proposal will be brought before the court which will allow the airline to survive.
Counsel for the airline said that this examinership was one of the biggest and most complicated examinership in the history of the state. Numerous factors were mentioned including the ongoing restrictions due to the pandemic and uncertainty about the future were all factors in the seeking of the extension. There were no objections to the application to extend the process.
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