Norwegian Air has unveiled plans for a $175 million bond issue.

The struggling airline said it hoped the move would raise enough cash to meet it needs through 2020 and beyond.

With mounting debts and suffering from the grounding of its 18 Boeing 737 MAX aircraft, Norwegian has this year replaced rapid expansion with cost cutting in a bid to regain profitability.

Last month Norwegian sold a stake in its future fleet of aircraft to China Construction Bank.

“After the completion of the transactions, Norwegian is fully funded through 2020 and beyond based on the current business plan,” the carrier said in a statement after trading on the Oslo Bourse was closed.

Bjørn Kjos earlier this year stepped down as chief executive of the airline after 17 years as it continued to lose money.

“The capital raise will secure required financing of working capital during the winter season and create financial headroom as the company moves from growth to profitability.

“The actions we are now taking will enable us to embark on the next chapter of Norwegian, to the benefit of all shareholders, customers and employees,” said acting chief executive, Geir Karlsen, added.