Norwegian Air has been granted the right to terminate contracts with the four continuing creditors for 25 remaining flights in the ongoing bankruptcy proceedings in Ireland, reports the business website E24.

The decision means that the way is now open for Norwegian to present a full plan regarding strikes on Monday morning, according to E24.

The four creditors that have contested Norwegian's attempt to terminate the guarantee agreement contracts for the affected aircraft are the American Bank of Utah and Citibank, as well as the French Crédit Agricole and PK Air Finance.

Earlier this week, it was announced that Norwegian had reached agreements with the Industrial and Commercial Bank of China regarding guarantees for 10 planes.

The airline aims to reduce its fleet to 53 planes.

Norwegian's stock rose on the news and was up around 3 percent at 3:30 p.m.

Source: Nyhetsbyrån Direkt