Low-cost airline Norwegian's stock turns from negative to positive in Oslo on Wednesday morning.
On Tuesday evening, the company came up with sweetened terms for the proposal to postpone the maturity dates of two large bond loans. According to the amended terms, the company now offers a premium of 5 percent in the event that you choose and/or manage to redeem the loans early.
But Philippe Sissener, manager at the large-holding fund company Sissener Canopus, does not believe that Tuesday's proposed changes to the loan terms are sufficient.
”"While these changes increase the expected return and secure the original offer, it is not enough for us. We have done a lot to meet Norwegian with a proposal that is fair to all parties, but this puts us back at square one," he says.
At 09:35 Norwegian is trading at 31.47 Norwegian kroner, up 1.3 percent for the day. The Oslo Stock Exchange's large-cap index OBX25 is up 0.8 percent.
Oil company DNO is up over 4 percent on rising oil prices and after buying back 1 million shares in a share buyback program yesterday. Aluminum producer Norsk Hydro is up 2.5 percent after yesterday's news that it intends to close unprofitable production in the Rolled Products business area.
Source: di.se
