Norwegian Air’s debt plan sharply dilutes stake of current owners

OSLO (Reuters) – Norwegian Air’s proposed financial rescue plan could leave current shareholders with a combined ownership stake of just 5.2%, details of its proposed debt-to-equity swap showed on Monday.

If approved by bondholders, leasing companies and shareholders, the plan could help Norwegian survive the coronavirus outbreak, which has grounded almost all of its aircraft.

(Reporting by Terje Solsvik, editing by Victoria Klesty)