Image: Shutterstock/B.Forenius Image: Shutterstock/B.Forenius THE HIGH COURT has appointed an interim examiner to several companies that are part of the Norwegian Air airline group.
The interim examiner was also appointed to its parent company Norwegian Air Shuttle ASA, which is Norwegian registered. As well as Ireland the airline has subsidiaries in Spain, the USA, Argentina, Denmark and the UK. The Judge said while the firms were insolvent and unable to pay their debts as they fall due, an Independent Experts Report presented to court stated that the firms have a reasonable prospect of survival if certain steps are taken.
The firms’ board of directors petitioned the court for the appointment of an examiner. They hope that Wallace can put together a scheme of arrangement with their creditors, which if approved by the court, will allow them to continue as going concerns.In addition, the companies represented by Brian Kennedy SC and Declan Murphy Bl, say the airline group is encouraged by recent reports about the future availability of a vaccine for Covid-19.
While the low-cost carrier group has gone into hibernation mode due to the pandemic, it still required cash of €8.4 million per month.