Norse Atlantic secures $20 million shareholder loan

Norse Atlantic Airways has secured additional liquidity (in the form of a £20 million revolving credit facility) from two of its largest shareholders, Scorpio Holdings and B T Larsen & Co. Scorpio Holdings currently holds 21.22% of Norse’s issued shares, while BT Larsen & Co – which is ultimately controlled by Bjørn Tore Larsen, CEO of Norse – owns 18.88%. ‘The Facility will provide Norse with a liquidity buffer prior to moving into the more cash generative late spring and summer seasons,’ explains the airline. The loan is in addition to the company’s existing cash position, which stood at $32.6