The financially troubled low-cost airline Norwegian fled under bankruptcy protection in both Ireland and Norway. On Tuesday, a court in Oslo approved the company's motion. Norway followed the decision of Irish judges who gave the go-ahead for the trial on Monday.

Due to the fact that Norway is not a member of the European Union, EU activities are controlled from Ireland. The group also has its own certificates there. With the bankruptcy protection, the management wants to buy more time, because you are very heavily indebted and receive no further financial support from the Norwegian government.

"An additional restructuring process under Norwegian law will benefit all parties and increase the likelihood of a successful outcome," said Norwegian boss Jacob Schram in a broadcast. The manager emphasizes that the two procedures should have no impact on flight operations.

In the next step, on December 17, 2020, the shareholders will be asked to convert the carrier's debts into equity and to assist in the search for fresh money. Norwegian is currently in the chalk with around 6,3 billion euros. At the moment there are only six airplanes in use that are in service within Norway.

Part of the restructuring plan that management wants to implement is that in future leasing installments will only be paid when the aircraft are actually flying. This billing model is also called "power by the hour". It is still open whether the owners of the machines will actually agree.