Norwegian low-cost carrier rolls out rescue plan amid pandemic

Norwegian Air Shuttle, a struggling budget carrier, on Thursday rolled out a detailed plan to rescue itself from bankruptcy amid the COVID-19 pandemic.

The restructuring plan aimed at protecting “the interests of clients, employees, creditors as well as the company’s shareholders,” the company’s chief executive Jacob Schram said in a statement.

The plan involves fleet downsizing, debt conversion and a rights issue of up to four billion kroner (457 million U.S. dollars).

The measures are yet to be approved by shareholders at a general assembly on Dec. 17.