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		</div><p>Low-cost carrier Norwegian Air Shuttle has been saved, its chief executive said, adding it had “written history” after the ailing airline struggled with the fallout from the coronavirus pandemic and a debt restructuring plan.</p>
<p>Jacob Schram said Norwegian had “successfully” concluded a rescue plan after it raised 6 billion kroner (€588 million) through the sale of perpetual bonds, new shares and a rights issue.</p>
<p>In January, the Oslo-based airline said it was ending its long-haul operations and was focusing instead on European destinations. The company then presented a plan that cut its fleet from 140 aircraft to about 50.</p>
<p>In a statement, Norwegian said it had reduced its total debt by approximately 63-65 billion kroner (€6.14 billion) to around 20 billion kroner (€2 billion) under a plan that had to be approved by bankruptcy courts in Ireland, where its planes are registered, and in Norway.</p>
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<p>The courts, which approved the plan, demanded that the airline raise at least 4.5 billion kroner as part of a programme to emerge from bankruptcy protection in the two countries, which happened on Wednesday.</p>
<p>The airline, whose fleet was mostly grounded as the pandemic caused a near-total halt to global travel, also terminated aircraft orders with Boeing and Airbus, worth approximately 85 billion kroner (€8.34 billion) in aggregated value.</p>
<p>In May 2020, the carrier received 3 billion kroner (£254 million) in loan guarantees from the Norwegian government as part of a restructuring plan.</p>
<p>In January, the government in Oslo gave another a 1.5 billion kroner (€147 million) in loans as long as the ailing company raised at least 4.5 billion kroner from other investors.</p>
<p>The government set several conditions for participating in the restructuring, including that the company must get new capital from private investors.</p>
<p>Chief financial officer Geir Karlsen told Norwegian news agency NTB that the last year, and especially the past six months, had been intense.</p>
<p>“We have negotiated with 30-40 large banks and several thousand creditors,” he was quoted as saying.</p>
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