March 19, 2020 / 6:54 PM / 10 days ago

REFILE-Norway offers NOK 3 bln credit guarantee to Norwegian, with conditions

(Adds dropped word in headline)

OSLO, March 19 (Reuters) - Norway will back airlines with credit guarantees worth up to 6 billion Norwegian crowns ($537 million) in a bid to stave off collapse in the industry amid the coronavirus crisis, the government said on Thursday.

Norwegian Air, which has grounded most of its aircraft and will temporarily lay off 90% of staff, can get up to 3 billion crowns, but must boost its equity to get the full amount, Industry Minister Iselin Nyboe told a news conference. ($1 = 11.1799 Norwegian crowns) (Reporting by Victoria Klesty, editing by Terje Solsvik)

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