A lot will really depend on how much Norwegian's creditors are willing to bet on state aid saving the airline. If the company goes into bankruptcy, the creditors will assuredly lose a lot, and they will have to take their chances with the bankruptcy process to see what, if anything, they can recover. If they are confident that the Norwegian government will come through to save the airline, they may be more willing to gamble with converting their debt into equity in the hopes that in a few years they can sell their shares to recoup their money. Both seem like a big risk either way. It does seem like Norwegian is putting on the full court press within Norway, trying to scare the politicians and public into (probably somewhat realistic scenario) believing that much of Norway will lose flights if Norwegian goes under, and that what is kept will be operated by the likes of Ryanair and WizzAir.