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Irish High Court Approves Norwegian Air Restructuring

On 26 March 2021 the Irish High Court approved schemes of arrangement formulated by Kieran Wallace of KPMG for the survival of Norwegian Air. Matheson has been advising Norwegian Air on the implementation of a global restructuring which will result in a write-down of the airline’s debt and the downsizing of its operations with a focus on Nordic and European routes going forward. The next step in the restructuring is to seek similar approval from the Norwegian court and to proceed to raise the investment required to implement the restructuring. Key companies in the Norwegian Air group have been in examinership since 18 November 2020 and in making the orders sought Mr Justice Quinn described the examinership as a “case of some complexity”.