malaymail.com 03 May, 2021 13:30 am

Norwegian Air expects US$840m cash position post capital hike

Norwegian Air expects US$840m cash position post capital hike
OSLO, May 3 — Budget airline Norwegian Air said it expects to have a cash holding of 7 billion crowns (RM3.4 billion) if it manages to raise the full amount of capital it is seeking this month. Norwegian is aiming to raise 6 billion crowns in fresh capital as part of a scheme to emerge from...

OSLO, May 3 — Budget airline Norwegian Air said it expects to have a cash holding of 7 billion crowns (RM3.Norwegian is aiming to raise 6 billion crowns in fresh capital as part of a scheme to emerge from bankruptcy protection in Ireland and Norway on May 26.The airline said it expects total liabilities to be around 16 billion to 18 billion Norwegian crowns, of which about a third is aircraft-related debt, after the process is completed.4 billion) if it manages to raise the full amount of capital it is seeking this month.

Norway had said it would take part in the capital raise.Norwegian said on Monday it had support from “cornerstone” investors such as the asset management arms of Nordic banks Nordea and DNB and Geveran Trading, an investment vehicle of shipping magnate John Fredriksen.

Read full story at malaymail.com