Norwegian Air was given additional creditor protection by a court in Norway yesterday on top of that granted by an Irish judge on Monday, allowing the cash-strapped airline’s restructuring efforts to continue, Reuters reported. “A supplementary reconstruction process under Norwegian law will be to the benefit of all parties and will increase the likelihood of a successful result,” Chief Executive Jacob Schram said. The company, which helped transform transatlantic travel, expanding the European budget airline business model to longer-haul destinations, has been forced to ground all but six of its 140 aircraft amid the COVID-19 pandemic. If successful in convincing creditors and owners of its future potential, Norwegian could, with the help of the courts, emerge as a smaller but more efficient carrier with fewer aircraft, less debt and more equity. The airline, which has said it could run out of cash by the end of the first quarter of next year, aims to complete the debt restructuring by Feb. 26.
