Norwegian has completed a reconstruction processes that began in November.

The company said it can now look ahead with a significantly strengthened balance sheet and a right-sized aircraft fleet, as well as a simplified and effective structure.

However, the carrier will emerge significantly reduced.

“Today, a Norwegian airline with a long history and a large employee base that adds great value to Norway and the tourism industry has been saved.

“This is a proud day and marks a new beginning for Norwegian,” said Jacob Schram, chief executive of Norwegian.

The pandemic has triggered an unparalleled crisis for Norwegian and the aviation industry in general.

“I would like to acknowledge and thank everyone who has had faith in us throughout this period.

“We have been completely dependent on the support of existing and former employees, business partners and shareholders, creditors and not least customers.

“Norwegian is a significant player both in the European tourism industry and aviation sector.

We will continue to be there for our customers by providing a good service, great value and a robust route network in Norway and in Europe,” Schram added.

Norwegian was founded in 1993 and began operating as a low-cost carrier with Boeing 737 aircraft in 2002. Since then, our mission has been to offer affordable fares for all and to allow customers to travel the smart way by offering value and choice throughout their journey.

Having jettisoned its global ambitions, the airline will now operate a short haul network across the Nordics and to key European destinations.