NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN
AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S
REPUBLIC OF CHINA, SOUTH AFRICA, NEW ZEALAND, JAPAN OR THE UNITED STATES, OR ANY
OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN.


The Board of Directors of Norwegian Air Shuttle ASA ("Norwegian" or the
"Company") is today announcing an indicative plan (the "Plan") and set of
actions that creates a framework that will potentially enable the Company to
exit its Irish Examinership and Norwegian Reconstruction processes during the
first quarter of 2021.

Core to the Plan is that Norwegian will henceforth focus on its core Nordics
business, operating a European short haul network with narrow body aircraft.
Under these circumstances a long haul operation is not viable for Norwegian and
these operations will therefore not continue. The Company targets to reduce its
total debt to around NOK 20 billion Norwegian also plans to raise NOK 4 - 5
billion in new capital through a combination of (i) a rights issue to current
shareholders, (ii) a private placement and (iii) a hybrid instrument. The
Company has already received written interest in participation in a private
placement. The Company has recently reinitiated a dialogue with the Norwegian
Government about possible state participation based on the current business
plan. 

Should the Plan be successful and accepted by the Examinership and
Reconstruction Negotiation processes, Norwegian is expected to initially hold up
to 50 Boeing 737 aircraft (owned and leased) primarily operating in Norway and
the Nordics or from Norway/ Nordics to Continental Europe. It is estimated the
Company will emerge having a total debt of around NOK 20 billion and free cash
position of approximately NOK 4 to 5 billion following the reconstruction. Based
on conservative assumptions both in relations to the length of the Covid-19
pandemic and relating to revenues, costs and load factors the Company expects
positive EBITDA post reconstruction in 2021.

According to the presented Plan, current shareholders will hold approximately 5%
of the shares in the Company post-reconstruction. In addition, shareholders are
offered to participate in a rights offering of up to NOK 400 million.
Norwegian´s impaired  creditors are estimated to hold approximately 25% of the
shares in the Company post reconstruction, as compensation for their
participation in the debt reduction, while new investors (in both the equity
issue and the new hybrid instrument) will hold, directly or indirectly,
approximately 70% of the shares in the Company. 

For further details, please see the enclosed INDICATIVE TERM SHEET FOR RIGHTS
OFFERING AND RESTRUCTURING OF DEBT.  

For more information, please contact:
Geir Karlsen, CFO, phone +47 916 08 332

Press contact:
Esben Tuman, SVP External Communications, phone +47 905 08 400

Fornebu, 14 January 2021
Norwegian Air Shuttle ASA



Important information 
The release is not for publication or distribution, in whole or in part directly
or indirectly, in or into Australia, Canada, the Hong Kong Special
Administrative Region Of The People's Republic Of China, South Africa, New
Zealand, Japan or the United States (including its territories and possessions,
any state of the United States and the District of Columbia). This release is an
announcement issued pursuant to legal information obligations, and is subject of
the disclosure requirements pursuant to section 5-12 of the Norwegian Securities
Trading Act. It is issued for information purposes only, and does not constitute
or form part of any offer or solicitation to purchase or subscribe for
securities, in the United States or in any other jurisdiction. The securities
mentioned herein have not been, and will not be, registered under the United
States Securities Act of 1933, as amended (the "US Securities Act"). The
securities may not be offered or sold in the United States except pursuant to an
exemption from the registration requirements of the US Securities Act.
 
This announcement is an advertisement and is not a prospectus for the purposes
of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14
June 2017 on prospectuses to be published when securities are offered to the
public or admitted to trading on a regulated market, and repealing Directive
2003/71/EC (as amended) as implemented in any Member State.
 
Forward-looking statements: This release and any materials distributed in
connection with this release may contain certain forward-looking statements. By
their nature, forward-looking statements involve risk and uncertainty because
they reflect the Company's current expectations and assumptions as to future
events and circumstances that may not prove accurate. A number of material
factors could cause actual results and developments to differ materially from
those expressed or implied by these forward-looking statements.

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