Regional news: Norway

Akin and three of Norway’s biggest law firms, Thommessen, Wikborg Rein and Wiersholm, have worked on different sides of a debt-for-equity restructuring that placed Oslo-listed shipping and subsea group DOF into the hands of its creditors last month.

13 April 2023

Norwegian firms Schjødt, Wiersholm and Thommenssen, along with Kirkland & Ellis, have helped an Olso-listed offshore services company negotiate a US$660 million debt refinancing and equity deal that will see a major Seadrill investor double its stake.

08 March 2023

Norwegian low-cost airline Flyr, which launched in 2021 during the covid-19 pandemic, has entered bankruptcy in Oslo, with a partner from Kvale being appointed its trustee.

06 February 2023

A week after Scandinavian Airlines revealed plans to convert US$2.1 billion of its debt into equity and raise almost US$1 billion of cash, the Swedish government announced it will not inject new capital into the struggling company.

08 June 2022

Ropes & Gray has helped Oslo-based media streaming company Vewd Software complete a pre-packaged restructuring in the US after resolving a landlord objection over class composition.

03 February 2022

Norwegian vessel operator Prosafe has failed to obtain recognition of its Singaporean moratoria in Scotland, with a Scottish court reasoning they were akin to schemes that the Gibbs rule prevented from binding an English law-governed debt owed to a Chinese shipbuilder.

27 September 2021

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

26 August 2021

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

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

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