Wed, 2020-04-15 02:35
OSLO: The shares of Norwegian Air plummeted on Tuesday, and have now eroded almost their entire value from a 2015 peak, as the airline’s survival depends on creditors accepting a rescue plan proposed last week.
The shares slumped as much as 62.5 percent as markets reopened after the Easter holidays. It was the first time they had traded since the airline outlined its rescue plan on April 8, which would convert $4.3 billion of debt into equity, and raise some new equity — wiping out much of the remaining value of the company’s current shares.
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