Norwegian Airline plunged more than 15 percent on the Oslo Stock Exchange after yesterday's announcement that it was initiating a type of bankruptcy protection linked to its Irish subsidiaries. The already bombed-out stock is thus down to new record lows.
On Wednesday afternoon, the pressured airline Norwegian announced that it has initiated a reorganization procedure, which is a type of bankruptcy protection, for Air International and Arctic Aviation Assets, which is Norwegian's wholly owned subsidiary responsible for the aircraft fleet.
According to Norwegian, the decision was made as a result of the announcement made by the Norwegian state just over a week ago - that they will not provide Norwegian with any financial support.
Norwegian's shares were halted on Wednesday ahead of the news. When trading resumed at the opening of the stock exchange on Thursday, Norwegian's shares fell by just over 15 percent. The share now costs no more than SEK 0.40, which is the lowest price ever. Exactly one year ago, Norwegian was trading for SEK 40, which means that the price has fallen by 99 percent in the past twelve months.
Source: di.se
