NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN
AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S
REPUBLIC OF CHINA, SOUTH AFRICA, NEW ZEALAND, JAPAN OR THE UNITED STATES, OR ANY
OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN.


Reference is made to the stock exchange announcements of Norwegian Air Shuttle
ASA (the "Company" or the "Group") dated 14 January 2021 and 19 February 2021
wherein the board of directors of the Company reported on indicative plans for
the Company's emergence from its ongoing restructuring processes.

Following the Irish High Court's decision on Friday 5 March 2021 in respect of
the repudiation of certain contracts, Mr Kieran Wallace of KPMG Ireland as
Examiner of the Company and a number of Irish subsidiaries of the Group (the
"Examinership Companies") has proposed schemes of arrangement for the financial
restructuring the Company and the Examinership Companies, which in the case of
the Company will be implemented through the Norwegian reconstruction processes
(together the "Restructuring Proposal"). 

The Restructuring Proposal provides, among other matters, for each creditor with
an unsecured claim to receive a dividend equal to 5.0% of such creditor's
unsecured claim (excluding any amount the creditor may recover through
participation in the proposed capital raise) comprising (i) a pro rata cash
payment from a NOK 500 million "pool" to be distributed among unsecured
creditors and customer creditors (ii) a convertible debt claim with 7 year
maturity and NIBOR +1% interest ("Dividend Claims").
 
The Dividend Claims will on certain terms and conditions be convertible in
aggregated into shares representing up to 25.4% of the Company's share capital
following the Restructuring and the proposed capital raise.
 
The Restructuring Proposal is conditional on certain matters including the
approval of requisite classes of creditors of the Examinership Companies, the
confirmation by the Irish High Court and the Norwegian Court (in the case of the
reconstruction) and ultimately the closing of the proposed rights offering,
private placement and offering of  perpetual hybrid instrument (the "New Capital
Perpetual Bonds") (the "Capital Raise").

New investors in the Capital Raise, by investing in equity and/or the New
Capital Perpetual Bonds, will receive approximately 70% of the
post-Restructuring share capital with the shares held by existing shareholders
diluted to approximately 4.6%. This equity allocation (including the allocation
of the shares on the conversion of the Dividend Claims)  assumes, for
illustrative purposes, an overall Capital Raise of NOK 4,500,000,000, comprised
of up to NOK 3,000,000,000 in shares (including rights offering of NOK
400,000,000) and up to NOK 1,875,000,000 in New Capital Perpetual Bonds and will
be subject to change in the event that the Capital Raise exceeds NOK 4,500,0000.
Current creditors of Norwegian have already expressed an interest to participate
in the Capital Raise with an amount of at least NOK 1,800,000,000.


Further details regarding the Restructuring Proposal and its terms are set out
in the proposals for a scheme of arrangement (the "Proposals") and accompanying
explanatory memorandum issued by the Examiner.

The Examiner is today convening meetings of the relevant classes of members and
creditors of the Company and the Examinership Companies to take place over the
course of 18 - 20 March 2021 and will as soon as possible thereafter seek the
confirmation of the Proposals by the Irish High Court.

Notices for the meeting of the shareholders of the Company and certain classes
of creditors of the Company and Norwegian Air International Limited are
available here https://www.norwegian.com/uk/about/company/investor-relations/
together with a copy of the Proposals for the Company and an accompanying
explanatory memorandum.

In the event the Restructuring is approved by the required authorities the
Company plans to move forward with the Capital Raise commencing in April and
target closing in May 2021.

For further details of the overall detailed plan supporting the future
operations of the Company see the attached documents.

Details of the New Capital Perpetual Bonds, including retained claims bond
terms, are attached.  


For more information, please contact: 
Geir Karlsen, CFO, phone +47 916 08 332 

Press contact: 
Esben Tuman, SVP External Communications, phone +47 905 08 400 

Fornebu, 11 March 2021 
Norwegian Air Shuttle ASA 


This information is subject of the disclosure requirements according to the
Market Abuse Regulation (MAR) Article 17 no. 1, and was prepared by Tore Østby,
EVP Strategic Development at Norwegian Air Shuttle ASA, tel +47 99546400.


Important information 
The release is not for publication or distribution, in whole or in part directly
or indirectly, in or into Australia, Canada, the Hong Kong Special
Administrative Region Of The People's Republic Of China, South Africa, New
Zealand, Japan or the United States (including its territories and possessions,
any state of the United States and the District of Columbia). This release is an
announcement issued pursuant to legal information obligations, and is subject of
the disclosure requirements pursuant to section 5-12 of the Norwegian Securities
Trading Act. It is issued for information purposes only, and does not constitute
or form part of any offer or solicitation to purchase or subscribe for
securities, in the United States or in any other jurisdiction. The securities
mentioned herein have not been, and will not be, registered under the United
States Securities Act of 1933, as amended (the "US Securities Act"). The
securities may not be offered or sold in the United States except pursuant to an
exemption from the registration requirements of the US Securities Act.
 
This announcement is an advertisement and is not a prospectus for the purposes
of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14
June 2017 on prospectuses to be published when securities are offered to the
public or admitted to trading on a regulated market, and repealing Directive
2003/71/EC (as amended) as implemented in any Member State.
 
Forward-looking statements: This release and any materials distributed in
connection with this release may contain certain forward-looking statements. By
their nature, forward-looking statements involve risk and uncertainty because
they reflect the Company's current expectations and assumptions as to future
events and circumstances that may not prove accurate. A number of material
factors could cause actual results and developments to differ materially from
those expressed or implied by these forward-looking statements.

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© Oslo Bors ASA, source Oslo Stock Exchange