Norwegian Air to get government loan in restructuring

first_imgCOPENHAGEN, Denmark (AP) — Norway’s government says it will give ailing low-cost carrier Norwegian Air Shuttle a loan worth 1.5 billion kroner ($173 million) as long as the company manages to raise at least 4.5 billion kroner ($520 million) from other investors. The airline had earlier said it will end its long-haul operations and instead focus on European destinations as it struggles with the fallout of the coronavirus pandemic and debt restructuring. The company presented a plan that cut its fleet from 140 aircraft to about 50, and also said it would reduce its total debt. The plan must be approved by a bankruptcy court in Ireland, where its planes are registered.last_img read more