The board of the crisis-stricken Norwegian airline Norwegian wants to convert debt into shares in the company to survive the coronavirus crisis. If capital increases through the conversion can be implemented, Norwegian could qualify for state loan guarantees of up to three billion Norwegian kroner, according to the company.

Norwegian is calling an extraordinary general meeting to discuss the board's proposal, which is also based on a new share issue after loans from leasing companies, banks and other lenders are to be converted into Norwegian shares. Bond loans are also to be converted according to the proposal.

Norwegian's shares are down by over 6 percent following the announcement.

Source: TT