Norwegian

Norwegian Air shares plummet as survival depends on rescue plan | Money

A Norwegian Air Boeing 737-800 is seen during the presentation of Norwegian Air first low cost transatlantic flight service from Argentina at Ezeiza airport in Buenos Aires, Argentina, March 8, 2018. — Reuters pic
A Norwegian Air Boeing 737-800 is seen during the presentation of Norwegian Air first low cost transatlantic flight service from Argentina at Ezeiza airport in Buenos Aires, Argentina, March 8, 2018. — Reuters pic

OSLO, April 14 — The shares of Norwegian Air plummeted today, and have now eroded almost their entire value from a 2015 peak, as the airline’s survival depends on creditors accepting a rescue plan proposed last week.

The shares slumped as much as 62.5 per cent as markets reopened after the Easter holidays. It was the first time they had traded since the airline outlined its rescue plan on April 8, which would convert US$4.3 billion of debt into equity, and raise some new equity – wiping out much of the remaining value of the company’s current shares.

The shares later regained some ground to trade at 5.8 crowns by 0917 GMT, down 29 per cent

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