Court gives Norwegian Air Shuttle examiner rescue plan extension
over 4 years in The Irish Times
Norwegian Air Shuttle’s (NAS) High Court-appointed examiner has another month to finalise a rescue plan for the troubled airline group.
NAS and four Irish subsidiaries, which hold much of its fleet, got High Court protection from creditors, then owed more than €4 billion, on November 18th, when Kieran Wallace of KPMG was appointed examiner to the companies.
Mr Justice Michael Quinn extended the examinership to February 25th at a High Court hearing on Friday to allow Mr Wallace finalise a rescue plan, known as a “scheme of arrangement”.
Paul Sreenan, Mr Wallace’s senior counsel, told the court that the examanier was seeking to extend the period by a further 30 days as it would be “more advantageous to creditors”.
The court heard that around $2.5 billion (€2 billion) of the group’s debt has been discharged, while NAS management has a business plan involving raising further cash and the closure of its long-haul operations.
Courts appoint examiners to troubled companies for an initial 70 days, but can extend the period by a further 30 days.
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