Norwegian Air says most of fleet will stay grounded until 2021

Airline sets out case for coronavirus bailout that will cut share value by extra 95%

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Norwegian Air has warned that virtually all of its fleet of aircraft will remain grounded until 2021 as it seeks to persuade shareholders to accept a government-backed rescue plan that will wipe out most of their investments.

At the beginning of a critical fortnight for the airline, Norwegian laid out the scale of the task ahead - and the hit it expects bondholders, aircraft lessors and shareholders to take in order for the airline to access a 3bn kroner (230m) state bailout.