Norwegian Air’s shareholders endorsed the carrier’s financial rescue plan in a series of votes today, the airline said, one of several hurdles the company must clear to survive the COVID-19 pandemic, Reuters reported. Norwegian faces difficult negotiations with creditors in the coming months as it seeks to reduce its debt and liabilities of some 66.8 billion crowns ($7.75 billion). It must also find investors and lenders willing to put up fresh cash. The airline obtained creditor protection this month from courts in Norway and Ireland, giving it some breathing space as it seeks to convert debt into equity. The company aims, with the help of the courts, to emerge by Feb. 26 as a smaller but more efficient carrier with fewer aircraft, less debt and more equity. More than 80 percent of Norwegian’s owners voted in favour of letting the board raise up to 4 billion Norwegian crowns from a sale of shares or hybrid instruments. If it fails, Norwegian has said it could run out of cash by the end of March.
