Norwegian Air eyes almost €670m refinance package

Budget airline Norwegian Air said it expects to have a cash holding of seven billion crowns (€669.6 million) if it manages to raise the full amount of capital it is seeking this month.

Norwegian is aiming to raise six billion crowns in fresh capital as part of a scheme to emerge from bankruptcy protection in Ireland and Norway on May 26th.

The cash will come from a mix of perpetual bonds and equity, with the new shares sold at only NKr6.26 each, a steep discount to the NKr55.25 it trades at in Oslo.

The airline said it expects total liabilities to be around NKr16 billion to NKr18 billion, of which about a third is aircraft-related debt, after the process is completed.

As legislation nears, most e-scooter operators will have to take to the road

---

Ryanair’s first 737 Max delivery weeks away after new delays

---

AerCap sees signs of growing confidence among airlines

---

Zipp Mobility looks to raise €1m in new crowdfunding campaign

---

Norwegian said on Monday it had support from "cornerstone" investors such as the asset management arms of Nordic banks Nordea and DNB and Geveran Trading, an investment vehicle of shipping magnate John Fredriksen.

The domestic pension fund of the Norwegian state, Folketrygdfondet, is also among them. Norway had said it would take part in the capital raise.

Financed largely by debt, Norwegian grew rapidly as it served routes across Europe and to North and South America, Southeast Asia and the Middle East before the Covid-19 pandemic plunged airlines into crisis.

The carrier is now operating nine aircraft, mainly on domestic routes. It will have a fleet of 51 jets after the restructuring, down from around 160 before the pandemic. – Reuters