Shipping tycoon chips in to stabilise Norwegian

Norwegian said on Tuesday that it had raised 3 billion kroner (€309m) in a rights issue underwritten by investors including shipping magnate John Fredriksen to avoid breaching financial covenants

Norwegian hoping to avoid Dublin lay-offs. Pic: Getty

Budget airline Norwegian has gained the backing of Norway’s richest man, providing some stability to the struggling carrier as it searches for a new suitor following Aer Lingus ownerIAG’s decision to abandon its eight-month pursuit.

The shares tumbled after Norwegian said on Tuesday that it had raised 3 billion kroner (€309m) in a rights issue underwritten by investors including shipping magnate John Fredriksen to avoid breaching financial covenants.

While the stock declined, the ...