Norwegian Air bondholders have given the thumbs up to proposals to delay debt repayments of $380 million by up to two years.
The backing came after the loss-making low cost carrier put its Gatwick take off and landing slots worth more than $380 million as security for the extension of financing packages.
The third largest airline at the London airport said today that bondholders at two separate meetings voted in favour of the proposed amendments with a “sufficient majority”.
Acting CEO Geir Karlsen said: “We’re pleased with the bondholders’ decision to amend the bonds as it will give us added financial headroom going forward.
“We believe it demonstrates faith in our strategy and support of the important measures Norwegian is undertaking to return to profitability.
“The company’s operational performance continues to improve, and we are on track to reach the targeted cost-reductions of two billion Norwegian krone [$223 million] in 2019.”
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