The budget carrier will hold an extraordinary general meeting on 4 May whereby it will seek permission to convert sufficient debt to equity to meet the requirements for cash guarantees set out by the Norwegian government, which it said would create a "sustainable platform" for the company’s future.
It will ask key stakeholders, including aircraft lessors, bond holders, convertible bond holders and suppliers, to take part in the process, which could also involve a subsequent private offering of shares in the carrier for straight cash.
