Regional news: Norway
Swedish government rejects further capital injection in SAS
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
Norwegian streaming company completes 45-day pre-pack in New York
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
Gibbs trips Prosafe recognition in Scotland
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
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