November 5, 2019 / 4:50 PM / 4 months ago

Struggling Norwegian Air launches shares issue, bond

OSLO, Nov 5 (Reuters) - Norwegian Air is planning a share issue and a $175 million bond, it said on Tuesday, adding that the deals would raise enough cash to meet the struggling budget airline’s needs through 2020 and beyond.

With mounting debts and suffering from the grounding of its 18 Boeing 737 MAX aircraft, Norwegian has this year replaced breakneck expansion with cost cutting in a bid to regain profitability.

“After the completion of the transactions, Norwegian is fully funded through 2020 and beyond based on the current business plan,” it said in a statement after trading on the Oslo Bourse was closed. Its shares closed at 46.06 crowns ($5.01). ($1 = 9.1882 Norwegian crowns) (Reporting by Terje Solsvik and Gwladys Fouche; Editing by Edmund Blair)

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