Norwegian Air seeks debt restructuring to stay in business

Norwegian Air is proposing a conversion of debt to equity as it seeks to stay in business follwing the COVID-19 outbreak that has grounded almost all of its fleet, the budget carrier said on Wednesday.

By boosting its equity, the airline would qualify for government guarantees of up to 3 billion Norwegian crowns ($292 million).

"Norwegian aims to strengthen its balance sheet by converting debt to equity to meet the requirements of the Norwegian state guarantee program and create a sustainable platform," it said in a statement. ($1 = 10.2693 Norwegian crowns)