Norwegian turns more debt into shares – E24

Norwegian has received approval from creditors for the conversion of an additional $ 1.84 million in the company’s convertible bond. This is equivalent to NOK 17.39 million.

The amount will be converted to 4,569,611 new shares, which can be traded from July 2, 2020.

It appears from one Message Thursday.

After the transaction, the outstanding amount of the convertible bond is $ 9,015 million, it is disclosed.

The convertible loan was originally at $ 150 million when it was issued in the fourth quarter of last year. The amount is equivalent to NOK 1.4 billion at today’s exchange rate.

After Norwegian adopted and implemented the major restructuring package earlier this spring, the company avoided bankruptcy. In retrospect, the company has continued its efforts to convert more debt into shares, in order to reduce the financial pressure on the company. In June, the company got rid of some vendor debt and part of the convertible loan, which was compensated by pushing up new shares to the creditors.