Ailing Nordic carrier Norwegian is negotiating a $1.2 billion debt-for-equity swap with its bondholders as it looks to meet requirements to access the state aid package. Norwegian is looking to covert 60 percent debt to equity in respect to bond issuances NAS07 and NAS08, and 85 percent debt to equity in respect of the CB. Norwegian has has agreed to a minimum threshold of lessor concessions of $500 million with an aim to get the total debt to equity conversion from lessors and bondholders up to USD 1.2 billion. Under the proposals current shareholders would be almost wiped out, retaining just

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