BOC AVIATION LIMITED

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BOC Aviation cuts stake in Norwegian Air to 4.9%

11/24/2020 | 09:30am

OSLO (Reuters) - China's BOC Aviation has sold close to 39 million shares in Norwegian Air and now holds a 4.92% stake in the crisis-hit budget airline, down from about 6% earlier, the lessor said on Tuesday.

Norwegian filed for bankruptcy protection in an Irish court last week as it seeks to stave off collapse amid the coronavirus pandemic.

BOC, which is ultimately controlled by the Chinese government, became Norwegian's second biggest owner in May with a 12.67% stake when the carrier converted parts of its debt into equity.

Other leasing firms which became major owners, including AerCap, have also cut their stakes in recent months.

(Reporting by Victoria Klesty, editing by Terje Solsvik)

© Reuters 2021
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