Norwegian Air shares drop 60% after proposed debt-for-equity swap

OSLO (Reuters) – The share price of Norwegian Air fell by 60% on Tuesday, the first day of trading following the company’s proposal of a financial rescue package on April 8.

If approved by creditors and shareholders, the plan would convert $4.3 billion of debt into equity, and also raise some new equity, wiping out much of the remaning value of the company’s current shares.

(Reporting by Terje Solsvik, editing by Gwladys Fouche)