Norwegian Air shareholders back £770m rescue plan
by Julia Kollewe from on (#530DY)
Carrier will unlock government aid after winning support for debt-for-equity swap
The embattled carrier Norwegian Air, one of the biggest airlines at Gatwick airport, will proceed with its rescue plan and unlock government aid after winning support from shareholders, bondholders and aircraft lessors for a 10bn kroner (770m) debt-for-equity swap.
After a weekend of frantic talks, the airline's shareholders gathered at an emergency meeting in Oslo on Monday and voted 95% in favour of all proposals, including a 400m kroner share issue - even though the plan effectively wipes them out.
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