Norwegian's Swedish subsidiary, which went bankrupt at the end of May, owes its creditors more than SEK 2 billion.
On May 25, Di was able to announce that the pandemic-affected airline Norwegian filed for bankruptcy with its Swedish subsidiary Norwegian Air Sweden AB.
The background, the company explained to Di at the time, was plans to liquidate the company in connection with the Norwegian Group's now completed financial reconstruction, but debts that could not be settled put a damper on this plan.
According to what the airline told Di, there was no other option than bankruptcy, without going into who the creditors were or how big the debts were.
Now, however, the bankruptcy trustee, attorney Thomas Ehrner at Fylgia, has compiled this information in an inventory ahead of the oath-taking meeting (see fact box below for what this is) which will take place tomorrow, Tuesday.
In total, the liabilities amount to SEK 2.45 billion, it states – and the assets to a measly SEK 15 million. Of the assets, investments that Norwegian has made in its 22 leased aircraft account for SEK 7 million, and accounts receivable amount to SEK 8 million.
The assets side of the balance sheet also includes 22 aircraft that are stored in various locations in Europe, but they are leased and valued at zero kronor. Some of them are to be returned to the lessors, while other leases are to be transferred.
The largest creditors are Norwegian group companies, namely Irish Tufjorden Ltd and Norwegian Air Resources Ltd with just over SEK 342 million each. In addition, there are a number of Norwegian companies, named after Norwegian fjords, among the larger creditors.
Of the companies that are not part of the group, Boeing Global Services in Seattle is the largest creditor with just over SEK 121 million. Germany's Lufthansa Technik has a claim of just over SEK 70 million and the Swedish Transport Agency has one of SEK 6.8 million. The Swedish Tax Agency is a smaller creditor in this context with just under half a million kronor.
Both group companies are those from which the Swedish airline Norwegian has hired flight personnel and services. Tufjorden was established as a subsidiary in Ireland by Norwegian in May 2019, according to the annual report for that year. Norwegian Air Resources Ltd is a Norway-based parent company for Norwegian's personnel and service companies in various countries.
The company's two offices, both located at Arlanda, have various furniture, computers and vehicles. However, according to what the Norwegian Group's accounting manager has said, these belong to the bankruptcy trustee, Norwegian's Norwegian parent company, and therefore cannot be sold to pay creditors.
”"The investigation in this area continues. For the time being, no amount is being made out of caution," the report states.
Source: di.se
SINGLE MEETING
A meeting to be held at the bankruptcy court no earlier than one month and no later than two months after a bankruptcy decision.
At the meeting, the debtor (or a representative of the debtor if the debtor is a legal person) must take an inventory oath, i.e. certify under oath that the assets and liabilities stated and compiled by the bankruptcy trustee in an inventory of the bankruptcy estate exist. He or she must also certify what the business's accounting information consists of.
From 1 January 2022, it is proposed that the oath-taking meeting will be replaced by a meeting with the bankruptcy trustee.
Source: Bjorn Lundén AB
