How much new capital does Norwegian Air aim to raise?

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Norwegian Air Aims to Raise Between 4 Billion and 5 Billion Norwegian Crowns

Norwegian Air is seeking to raise between 4 billion and 5 billion Norwegian crowns through a combination of new shares and hybrid capital as part of its restructuring plan. The Norwegian government has indicated its willingness to contribute 1.5 billion Norwegian crowns towards this capital raise, a significant commitment to the airline's survival.
Debt Reduction and Fleet Size

The airline's comprehensive survival strategy involves a substantial reduction in its debt burden, aiming to decrease it from 56 billion Norwegian crowns to 20 billion Norwegian crowns. Concurrently, the fleet size will be drastically reduced to 53 aircraft from the 140 operated prior to the pandemic. This strategic downsizing is crucial for the airline's financial viability.
Share Distribution Post-Restructuring

Following the proposed restructuring, new investors are expected to hold approximately 70% of the post-restructuring share capital. Creditors are allocated about 25% of the share capital, while existing shareholders will retain approximately 5%. This distribution reflects the rebalancing of ownership as the company navigates its financial recovery.
Unsecured Claims and Court Proceedings

Creditors with unsecured claims will receive about 5% of the original amount owed, structured as a new debt obligation that can be converted into shares under specific conditions. The airline has made progress in court proceedings, with some jet lessors agreeing to voluntary contract terminations and the Dublin court approving the repudiation of others. The overall court process for this restructuring is anticipated to conclude in May, following creditor meetings scheduled for March 18-20.

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How much new capital does Norwegian Air aim to raise?

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