Norwegian Air wins court, creditor approvals in Norway for restructuring

Ireland's High Court has already approved the company's restructuring scheme in a parallel process. The carrier's next step is to raise at least 4.5 billion Norwegian crowns ($530 million) from new shares and hybrid capital, of which Norway's government has said it is willing to contribute 1.5 billion crowns. It has said it aims to exit the restructuring process on May 26, once it had secured the new funding.

Creditors have voted in favor of Norwegian Air's restructuring proposal in Norway, the company said on Monday, clearing yet another hurdle for the airline on its path to emerge from bankruptcy protection.

"Today the judge of the Oslo Byfogdembete has approved the scheme for an exit of the reconstruction of the company," Norwegian said in a statement. Ireland's High Court has already approved the company's restructuring scheme in a parallel process.

The carrier's next step is to raise at least 4.5 billion Norwegian crowns ($530 million) from new shares and hybrid capital, of which Norway's government has said it is willing to contribute 1.5 billion crowns. It has said it aims to exit the restructuring process on May 26, once it had secured the new funding. ($1 = 8.4944 Norwegian crowns)