Norwegian Air gets bondholder deal on $1.2bn debt-for-equity swap

Norwegian Air gets bondholder deal on $1.2bn debt-for-equity swap

Norwegian Air is only paying invoices vital to maintaining minimum operations, such as salaries for staff still employed and critical IT infrastructure. OSLO: Norwegian Air said on Sunday it had secured support from enough bondholders for a $1.2 billion debt-for-equity swap, a vital step in helping it survive the coronavirus crisis.. Airlines around the world have been hit particularly hard by the impact on travel of the coronavirus pandemic, with many forced to turn to governments for state aid to avoid bankruptcy.. The next step for Norwegian Air is to secure support from its lessors for its rescue plan, ahead of an extraordinary general meeting on Monday to get approval from shareholders.. Bondholders had turned down Norwegian Air's plan on Friday, but on Sunday the airline said it had now secured a written agreement with the largest bondholders of the NAS07, without naming them, to improve some of the terms.. "I am pleased to confirm that we have reached an agreement with the bondholders," CEO Jacob Shram said in a statement, which said that a vote will still need to take place on May 18 to ensure Norwegian Air secures the necessary 67 percent support.. “¢ Norwegian Air is poised