26th March to 9th April Voting period for the creditors in Norwegian Restructure
26h March to 26th April Appeal window for Irish process
9th April to 9th May Appeal period for Norwegian process
Mid May Start to raise capital, minimum required to exit is 4.5 Billion NOK
End May planned Exit and continued capital raising for continued operations.
Its doubtful there will be any "appeals" as no creditors objected, the biggest hurdle will be the capital raise, the 4.5 Billion is just "start up", continued operations need far more for remainder of 2021, and they have agreed to pay Airbus and some creditors to stave off objections during the examinership, these will become legally binding contracts.
If they "down size" in Spain there will be contract severance payments to be made so at the moment it's a very thin line but when the government support for workers ceases the unions will want to know where their members stand.
Given they only operate 7 airframes at the moment, and those not full, the revenue forecast on 50 airframes which forms the basis of the cash flow seems a bit "pie in the sky" compounded by new competition on their existing Nordic routes
Shareholders have to agree to their holdings being reduced to a combined total of just 4.6%, and 1,600 unsecured creditors plus customers seeking refunds must accept just 5% of what they are owed plus a ‘pro rata’ share-out of a NOK 500 million (€50 million) ‘cash pot’.
Norwegian Air will then seek to raise NOK 4.5 billion (€446 million) in new capital in order to release a Norwegian government loan guarantee of NOK1.5 billion (€149 million).
The new capital is needed in part to provide the ‘cash pot’ to share among creditors.
Basically, a lot of the initial funding will be spent, no new funding, no survival