https://www.irishtimes.com/business/...tion-1.4429799
First hurdle overcome, now they have 100 days to secure cash investment and an agreed plan. Importantly to "exit" the process, the investment must be received. Let's see, but at least a breathing space.
But another fly is swimming in the ointment "The court heard that Norwegian Air International, is in dispute with the Revenue Commissioners over €23 million. The State’s Tax Appeal Commission is currently dealing with the issue."
"
Creditors seeking a further $28 million in liabilities, including passenger refunds for flights cancelled earlier this year, have emerged since the Norwegian Air companies were granted provisional protection on November 18th."
That's another 51M to find but as a slice of 4.1Billion is small fry, however settlement of any undisputed amounts would be fundamental to a successful outcome.
The judge said he had agreed to protection of Oslo-based Norwegian Air as well as its Irish subsidiaries as the survival of each was dependent on the survival of the other.
"I have concluded in this case that it is appropriate to appoint an examiner both in relation to the five petitioner companies and also in relation to the related company Norwegian Air Shuttle ASA," Justice Michael Quinn told the court.