Negotiations have been going on for several days. Now CEO Jacob Schram asks the company's shareholders to say yes to the management's rescue plan in an extraordinary general meeting on Monday, otherwise the bankruptcy threatens.

- They have the knife against the throat. If there is no vote on the management's proposal at the AGM, there are not many alternatives left, says Espen Andersen at BI Norwegian Business School.

If the rescue plan is accepted, Schram's goal is to receive part of the national rescue package of 2.7 billion Norwegian kroner in mid-May. With access to the crisis loans, he believes that it is possible to keep the company afloat throughout 2020.

Expert: Only three possibilities remain

The entire aviation and travel industry is severely affected by the restrictions imposed to curb the spread of the corona virus, but Norwegian was already in a very difficult financial situation.

During the past week, the Norwegian management has negotiated with the lenders and the 24 companies that rent aircraft to the Group to get sufficient support for the plan. An agreement remains to be reached before the Extraordinary General Meeting with the lessors.

If the rescue plan goes to nothing, Espen Andersen sees only three possibilities: that other major players invest, that it becomes a bankruptcy proceeding or that the Norwegian state saves Norwegian - which he believes is highly unlikely.

"The market needs Norwegian"

Norwegians' four staffing companies in Sweden and Denmark, with a total of 4,700 pilots and cabin employees, filed for bankruptcy just over a week ago.

In the event of a bankruptcy for the entire group, Norway may end up in a situation where SAS receives something similar to a monopoly situation in the Norwegian market, such as when SAS bought its competitor Braathens in 2004.

-I think the Nordic market needs Norwegian to keep SAS in check and hope they get it, says Espen Andersen.