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The High Court has been asked to wind up an Irish-registered company within the Norwegian Air airline group.
An examiner was appointed to the airline, which owes its creditors some $5 billion (€4.1 billion), and several of its subsidiaries last month.
Arising out of its decision earlier this week to cease its long-haul services the examiner to the companies Mr Kieran Wallace on Friday asked Mr Justice Michael Quinn to make an order winding up one of its Irish subsidiaries, Torskef Jorden Leasing Ltd (TLL).
The matter came before the judge on Friday morning, but the judge adjourned proceedings to Friday evening to allow any creditor the opportunity to air any views they may have on the application to wind up (TLL).
Kelly Smith SC for Mr Wallace said that as part of a business plan as part of its efforts to restructure, the airline announced to the Oslo Stock Exchange Norwegian had decided to cease its long-haul activities.
Counsel said that going forward the airline plans to concentrate on its Nordic routes.
Counsel said while Mr Wallace was broadly in agreement with that plan, which he continues to evaluate, the decision to end long-haul services meant that (TLL) was no longer commercially viable.
TLL operated as a lessor of 24 wide-body Boeing-made jets, which it had sub-leased to other companies within the group, to operate its long-haul routes.
TLL’s only income, counsel said, came from the sub-leasing arrangements. As a result of the decision to end the long-haul services, Mr Wallace was of the view that (TLL) should exit the examinership process and that it should be liquidated.
Court protection
TLL, along with Irish-registered Arctic Aviation Assets DAC, Norwegian Air International Ltd, Drammensf Jorden Leasing Ltd Lysakerf Jorden Leasing Ltd, were granted the protection of the court from their creditors late last year.
The firms are involved in activities including the leasing, management and subleasing of assets, including aircraft, and financing.
The court also placed the Norwegian-registered parent company Norwegian Air Shuttle (ASA) into examinership.
Mr Wallace is in the process of putting together a scheme of arrangement with the airline’s creditors, which if approved by the High Court, will allow Norwegian to continue to trade as a going concern.
The court heard that while the business plan may have a significant impact on the numbers employed by the group as a whole, he remains of the view that the airline has a reasonable prospect of survival if certain steps are taken.
The group’s creditors, include subsidiaries of Airbus and Boeing, aircraft leasing firms Avolon, lenders including the Export-Import Bank of the United States (EXIM – the US government’s official export credit agency), Wells Fargo and the Revenue Commissioners.
On Friday, Declan Murphy BL for the group said it was not opposed to the examiner’s application regarding TLL, and added that it would save time and money if Mr Wallace and Andrew O’Leary of KPMG were appointed as that firm’s official liquidators.
Rossa Fanning SC for a group of creditors owed hundreds of millions of euro, including EXIM and aircraft lessors, said his clients, some of whom were significantly affected by the airline’s decision and TLL liquidation, were not opposing the application.
Lawyers represented other creditors, including Revenue, said they were not opposing the application, and took a neutral stance in relation to the application to wind up the TLL.
However, when Mr Justice Quinn noted that not all creditors were present at the remote hearing, of which less than 24 hours’ notice had been given, he decided to adjourn the winding up application to Friday evening.
Survival plan
Late last year, Norwegian’s board of directors petitioned the court for the appointment of an examiner who could put together a survival plan based on factors including the group’s core business being good.
In 2019, the group had employed more than 10,000 staff and had operated 20 bases in 11 countries. However, last year was difficult for the group and it commenced several cost reduction measures aimed at restoring it to profitability.
Last March Norwegian was severely hit by the outbreak of the Covid-19 pandemic, and had gone into hibernation.
The grounding of Boeing 737 Max, and Boeing 787 Dreamliner aircraft, due to technical difficulties had also adversely affected the airline’s finances, the court also heard.
While it had entered into arrangements regarding its debts under a restructuring plan, the Norwegian government announced earlier last month that it would no longer provide any more State financial support to the group.