On 15 December 2020, AerCap Holdings N.V. ("AerCap") has, through its wholly
owned subsidiary Ballyfin Aviation Limited, sold 41,605,161 shares in Norwegian
Air Shuttle ASA ("NAS"). Following this transaction, AerCap has, through certain
of its indirect wholly owned subsidiaries, as well as certain other companies in
which AerCap has an interest, an interest in a total of 177,893,106 ordinary
shares, representing approximately 4.5% of the share capital and voting rights
in NAS.
This explains why the shares are so volatile and under observation.
Of note is the fact Air Asia has also tabled a similar debt/equity swap .
AirAsia X (AAX), the long-haul unit of budget airline AirAsia Group, has proposed to reconstitute $15.3 billion of debt into a principal amount of 200 million ringgit ($48 million) and have the rest waived. The airline, which has posted losses since June 2019, said the alternative was to face liquidation with no returns to creditors. It is now seeking court approval to convene a meeting with creditors to vote on the scheme.