Norwegian Air - Ambitious restructuring programme announced

Davy Research
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Even in examinership, Norwegian has lost none of its ambition. The quantum of assistance it is looking for is material and, in particular, the request for additional debt-to-equity conversion will test creditors’ patience. The rights issue (NOK4bn, €375m) is most critical as it would be cash-flow positive. We have highlighted before that liquidity is the most pressing issue for Norwegian and not so much solvency given its previous conversions.