Low-cost Norwegian Air Shuttle declares bankruptcy for two main units

OSLO: Beleaguered Norwegian Air Shuttle declared bankruptcy in Ireland on Wednesday for two of its main subsidiaries in a bid to shield itself from creditors long enough to find a solution for a financial restructuring.

"Seeking protection to reorganise under Irish law is a decision that we have taken to secure the future of Norwegian," the head of Europe's third-biggest low-cost airline, Jacob Schram, said in a statement.

"Our aim is to find solutions with our stakeholders that will allow us to emerge as a financially stronger and secure airline," he said.