China Takes Stake In New-Look Norwegian Air
Following a chaotic few days for Norwegian Air including a major restructuring, a share issue and a share price collapse, the struggling airline has a whole range of new owners. Through a long list of subsidiaries, one of these is the Chinese state.
In order to qualify for a substantial package of government support, Norwegian had to reduce its debt. A debt-to-equity swap was one of the major pillars of the 12.7 billion Norwegian kroner ($1.27 billion) restructuring and recapitalization package.
From leasing company to airline owner
Several of the leasing companies that rent aircraft to Norwegian have now become major owners following the restructure.
According to a notification to the Oslo Stock Exchange, the leasing company BOC Aviation has emerged from the chaos as one of the airline’s biggest owners. The Singapore-headquartered company now owns a 12.67% stake in Norwegian.