Norwegian Air Shuttle ASA have successfully emerged from the Examinership and the Reconstruction, completed the Capital Raise, implemented the Restructuring Proposal and concluded the restructuring. The Reconstruction Proposal is expected to occur shortly after close of trading on the Oslo Stock Exchange today, 26 May 2021.
Reference is made to the stock exchange announcement of Norwegian Air Shuttle ASA (the “Company” or “NAS”) dated 21 May 2021 regarding the preliminary results of the capital raise of up to NOK 6,000 million (the “Capital Raise”), comprising of:
(i)an offering of new capital perpetual bonds raising gross proceeds of up to NOK 1,875 million (the “New Capital Perpetual Bonds Offering”),
(ii)a
The capital raise was significantly oversubscribed and Norwegian will consequently raise total gross proceeds of approximately NOK 6,000 million in the Capital Raise. The shares are expected to be tradeable on the Oslo Stock Exchange on or about 27 May 2021.
Reference is made to the stock exchange announcements of Norwegian Air Shuttle ASA (the “Company” or “NAS”) dated 26 March 2021 and 12 April 2021 regarding the approval of the proposals for a scheme of arrangement for an exit of the examinership process and the reconstruction process as further described in the stock exchange announcement dated 11 March 2021 (the “Restructuring Proposal”) by the H
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. THIS ANNOUNCEMENT IS NOT A PROSPECTUS AND DOES NOT CONSTITUTE AN OFFER TO SUBSCRIBE OR PURCHASE ANY OF THE SECURITIES DESCRIBED HEREIN. NO ONE SHOULD PURCHASE ANY SECURITIES IN NORWEGIAN AIR SHUTTLE ASA (THE "COMPANY") EXCEPT ON THE
Norwegian’s traffic figures for April are impacted by government travel restrictions and therefore low demand.
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.
Reference is made to the stock exchange announcements of Norwegian Air Shuttle ASA (the “Company” or “NAS”) dated 26 March 2021 and 12 Apri
Norwegian has today updated the market on the forthcoming capital raise. The upper limit for raising capital has been increased to NOK 6 billion. The debt will be sharply reduced and in addition aircraft orders amounting to NOK 85 billion have been cancelled.
The Oslo County Court, today approved Norwegian's reconstruction plan in Norway. Reaching this milestone means that both the group's reconstruction processes in Ireland and Norway have now been approved by the courts. The company will now prepare the process of raising new capital.
Norwegian’s traffic figures for March are impacted by weak demand as a result of international government travel restrictions across our key markets.
Norwegian’s reconstruction process in Ireland, called the Examinership, was today approved by the judge in the Irish High Court. Based on this decision, Norwegian will now send the same proposal for voting in Norway. Following this, the company will start the process of raising capital with the goal of a final resolution by the end of May.
Adrian Dunne will join Norwegian as the company’s new EVP Operations. Dunne has more than thirty years of experience as a leader within the aviation industry.
Today, Norwegian’s financial reconstruction plan was sent to its creditors and shareholders. If the plan is approved by the Irish and Norwegian courts in the coming weeks, the company can continue the reconstruction processes and initiate a capital raise in April, targeting completion in May 2021.
Norwegian’s traffic figures for February are strongly influenced by lower demand caused by continued travel restrictions across Europe.
Norwegian today reported its fourth quarter results. As expected, the results were heavily impacted by COVID-19 and travel restrictions in all markets.
The Company is working with the Examiner and the Reconstructor with a view to commencing the legal steps required to implement the proposed Restructuring, including the issuance of a scheme of arrangement by the Examiner as soon as possible, with a view to the Capital Raise commencing in late March/early April, with the subscription period in mid-April and target closing end of April.
Norwegian’s traffic figures for January are heavily influenced by lower demand caused by continued travel restrictions across Europe.
Norwegian Air Shuttle has today published an updated presentation. The presentation is available at; https://newsweb.oslobors.no/message/523220
Kind Regards
Tore Østby
EVP Strategic Development and IR, Norwegian Air Shuttle ASA
E-mail: tore.ostby@norwegian.com
Oksenøyveien 3, 1330 Fornebu, Norway
Visit norwegian.com and follow us on Facebook.
Norwegian is pleased to announce that the government of Norway has decided to support and contribute to the airline’s funding of new capital, pending certain conditions. This move significantly increases Norwegian’s chances of working through the crisis caused by the pandemic and to position itself as a key player within Norwegian and European aviation.
The NFSA has approved the Listing Prospectus which is available at the Company’s website, https://www.norwegian.no/om-oss/selskapet/investor-relations/. The Listing Prospectus has been prepared for the purpose of listing of the Perpetual Bonds and the Shares only, and no securities are being offered pursuant to the Listing Prospectus.