Norwegian files for bankruptcy protection in Ireland

Yesterday Norwegian bowed to the extreme market conditions and lack of additional government financial support and filed for bankruptcy protection process in Ireland. Subsidiary Norwegian Air International Limited (NAI), and Norwegian’s wholly-owned asset company Arctic Aviation Assets DAC (AAA) and some of its subsidiaries have now entered the examinership process in Ireland, Norwegian will also enter in and get protection of the Irish Examinership process as a related party. Norwegian said that it has chosen an Irish process because its aircraft assets are held in Ireland, adding that the company has taken this decision in the interest of its stakeholders.