Nordic Trustee AS has informed Norwegian Air Shuttle ASA (“the Company”) about the results from bondholders’ meetings (see attachment below).
The Company is pleased to see very robust support from 3 out of 4 bondholder groups, approving the Company´s proposals. The proposal to NAS07 did, however, not receive sufficient support with a vote in favour of 62% (2/3 required).
The Company is however continuing a constructive dialogue with bondholders to assess whether the required majority for approval of the proposal can be reached.
The Company has furthermore received strong support from lessors for a minimum conversion to equity of 550 million USD (excluding conversion under the so-called power-by-the-hour arrangement), which would satisfy the condition set out in the proposal to the bondholders.
The Company’s scheduled extraordinary general meeting will be conducted as planned on Monday 4 May 2020. The Company intends to summon a new bondholder meeting planned to be held on Monday 18 May 2020. The Company will on Monday 4 May 2020 determine the timeline for the capital raise, which will end on or about 18 May 2020.
“Our dialogue with the bondholders continues with the clear goal of reaching a solution. Unfortunately, we were not able to reach an agreement within the deadline. However, the discussion is continuing through the weekend to find a solution, said CEO Jacob Schram of Norwegian.