Lessors take stake in Norwegian

Norwegian has completed a restructuring that will see AerCap (15.9%) and BOC Aviation (12.7%) take major shares in the company after converting their lease obligations into equity. In addition to completing its   NOK 12.7 billion debt-for-equity swap, Norwegian has been granted approved for a state loan guarantee of  NOK 3 billion. The lease obligations converted includes interest accrued on the debt being converted until and including the last interest payment date. Starting July 1 lease payments will be $12 million per month. Norwegian has also agreed with its individual lessors to redeliver three aircraft prior to the contractual redelivery dates.