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Airlines

Norwegian Air proposes restructuring, share sale in bid to survive

OSLO, Dec 3 (Reuters) - Norwegian Air proposed on Thursday a package of debt conversion, aircraft divestment and sale of new equity in a bid to overcome the coronavirus pandemic that has brought the company to the brink of collapse.

As part of the plan, the Oslo-based carrier, which recently applied for bankruptcy protection in an Irish court, aims to raise up to 4 billion Norwegian crowns ($455.4 million) from the sale of new shares, it said in a statement. ($1 = 8.7843 Norwegian crowns) (Reporting by Terje Solsvik, editing by Gwladys Fouche)

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