Αssociated Press reports from Copenhagen in Denmark that Norway’s government said Thursday it will help to ail low-cost carrier Norwegian Air Shuttle – a U-turn from its previous refusal to do so – as long as the company manages to raise 4.5 billion kroner ($529 million) from other investors.
Trade Minister Iselin Nyboe announced the government is now open to the idea of contributing money to a reconstructed Norwegian Air but expects private investors to pitch in as well.
“Norwegian’s new business plan involves strong interventions in the company’s debt structure and the inflow of 4 to 5 billion kroner in fresh capital. The plan appears more robust than the one we said no to in October,” she noted.
The government added the support depended on the company receiving approval for its restructuring plan and noted that Norway’s Parliament had to clear any state aid.
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