Low-cost carrier Norwegian Air Shuttle filed for bankruptcy protection in Ireland on Wednesday for two of its main subsidiaries in a bid to shield itself from creditors long enough to find a solution for a financial restructuring. "Seeking protection to reorganise under Irish law is a decision that we have taken to secure the future of Norwegian," the head of Europe's third-biggest low-cost airline, Jacob Schram, said in a statement. "Our aim is to find solutions with our stakeholders that will allow us to emerge as a financially stronger and secure airline," he said. Based in Ireland, the two subsidiaries are Norwegian Air International Limited, which operates a large number of the company's international flights, and Arctic Aviation Assets, which manages its fleet of aircraft. Join Mint channel in your Telegram and stay updated with the latest business news.

Source: Mint November 18, 2020 16:41 UTC