The airline Norwegian's Irish subsidiary has been granted bankruptcy protection by a court in the country, giving the company more time to restructure its massive debts, Reuters reports.

Norwegian has placed its Irish flight and leasing contracts in the Irish subsidiaries Arctic Aviation and Norwegian Air International and therefore asked the court in November to initiate a process to determine whether the company could receive bankruptcy protection in Ireland.

Earlier on Monday, several lessors and thus lenders to Norwegian announced that they had no objection to Norwegian's subsidiaries receiving bankruptcy protection, according to NRK.

Source: Direct News Agency