About: http://data.cimple.eu/news-article/b1ee694b2a20187db9b27b09ee6f43fa4d80230e939d033d706e8a18

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About: http://data.cimple.eu/news-article/b1ee694b2a20187db9b27b09ee6f43fa4d80230e939d033d706e8a18 Goto Sponge NotDistinct Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	Beleaguered low-cost carrier Norwegian Air Shuttle on Monday unveiled a rescue plan involving a debt to equity swap that would erase most shareholders' stakes, as it vies for state aid to survive. If approved, the plan would dilute existing shareholders' stakes to just 5.2 percent. A pioneer in no-frills long-haul flights, Norwegian, Europe's third-biggest low-cost airline, has racked up losses in the past three years, as its debt ballooned under an ambitious expansion policy. Added to that the current coronavirus pandemic, which has dealt a heavy blow to the entire airline industry, has left the company teetering on the brink of bankruptcy. Currently, 95 percent of Norwegian's fleet is grounded, and only seven aircraft are still in use on domestic routes in Norway. In order to qualify for state aid of 2.7 billion kroner (236 million euros, $256 million) -- which Oslo has offered on the condition the airline reduces its debt ratio -- the company is currently in talks with its creditors about a debt conversion and restructuring. It also plans to raise 400 million kroner in new capital. The rescue plan must be approved by bondholders who are due to meet on April 30, leasing companies who meet on May 3, and shareholders who will gather for an extraordinary general assembly on May 4. If it survives the crisis, Norwegian said it hopes to return to its normal activities in 2022. Last week, it announced four of its subsidiaries in Sweden and Denmark had filed for bankruptcy, affecting 4,700 pilots and crew. Norwegian's share price was down by 5.86 percent in mid-afternoon trading on the Oslo stock exchange. It has shed just over 85 percent of its value since the start of the year. phy/po/jh
schema:headline	Norwegian floats rescue plan erasing most shareholdings
schema:mentions	VAT Information Exchange System USA Gymnastics Bankruptcy Norwegian krone Oslo Denmark Sweden Norway Europe Pandemic Coronavirus disease 2019 Equity swap Oslo Stock Exchange Low-cost carrier Norwegian Air Shuttle PHY (chip)
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-04-27 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	neutral sentiment
http://data.cimple...readability_score	73 (xsd:integer)
http://data.cimple...tology#hasEmotion	anger

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