Regional news: Norway

Oslo-listed Prosafe seeks moratorium extension in Singapore

Norwegian vessel operator Prosafe has applied to extend its Singaporean moratorium while its scheme proceedings rumble on.

26 August 2021

Seadrill files Chapter 11 plan in Texas

Offshore rig operator Seadrill Limited has entered into a restructuring agreement with over half of its senior secured lenders, in a bid to cut its debts by over US$4.9 billion and raise new financing.

27 July 2021

Oslo-listed Prosafe taps Clifford Chance and Schjødt for Singapore restructuring

Clifford Chance and Norwegian firm Schjødt are advising Oslo-listed accommodation vessel operator Prosafe in a US$1.1 billion debt restructuring that has so far taken in a moratorium in Singapore and a recognition application in Scotland.

24 June 2021

Norwegian law avoidance claims allowed in New York

Judge Martin Glenn in Manhattan has allowed Norwegian paper company Norske Skogindustrier to pursue foreign law avoidance claims in its Chapter 15 proceedings, putting him at odds with Judge Stuart Bernstein in the same court on a contentious issue of US bankruptcy law.

14 May 2021

Irish court explains repudiation of Norwegian Air’s leasing contracts

A month after approving Norwegian Air’s schemes, an Irish court has handed down its reasons for allowing the airline to repudiate some of its aircraft leasing contracts, finding the terminations were not prohibited by the Cape Town Convention.

23 April 2021

Norwegian Air restructuring approved in Oslo

An Oslo court has approved Norwegian Air’s restructuring plan after parallel schemes of arrangement were sanctioned in Ireland, paving the way for it to eliminate about US$3.6 billion of debt.

13 April 2021

Norwegian Air schemes approved in Ireland

An Irish court has sanctioned schemes of arrangement for Norwegian Air, paving the way for the airline to exit examinership as it awaits a creditor vote on its restructuring in Norway.

29 March 2021

Norwegian Air files plans in Dublin and Oslo, seeks US recognition

Oslo-listed Norwegian Air and one of its Irish subsidiaries are seeking Chapter 15 protection for their US assets while the group's creditors are set to vote on restructuring plans filed in Dublin and Oslo last week.

15 March 2021

Community roundup: Quantuma, Duff & Phelps, Roland Berger, FTI Consulting, Consignum and CTF Consultancy

Quantuma and Duff & Phelps have hired in London, while Germany’s Roland Berger and Consignum have expanded across the country, and FTI Consulting has promoted a new head of corporate finance and restructuring in Asia: meanwhile, a new Norway/UK boutique has opened in Oslo.

12 February 2021

English scheme sanctioned for Norwegian oil services group

The holding company for a Norwegian seismic imaging group has secured an English scheme of arrangement that allows it to restructure debt formerly governed by New York law.

02 February 2021

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