Norwegian Air fights for survival. Bondholders will determine its fate

Hanna Ziady, CNN Business

Norwegian Air, Europe's third-largest low-cost carrier, is seeking a lifeline from bondholders as it grapples with a cash crunch.

It has asked for two more years to repay its largest outstanding bonds, worth $380 million, and is putting up its lucrative landing slots at London's second busiest airport as collateral.
"They are managing the crisis as best they can but they are on the verge of a cliff edge," Bernstein analyst Daniel Roeska told CNN Business.