The application for bankruptcy protection, which is to be taken up by an Irish court on December 7, has been submitted since the Norwegian government closed the door for further direct support to Norwegian on top of the three billion that was raised in May.
According to the government, Norwegian's ownership structure is unclear and the owners are passive in the crisis, which means that they see a risk that more support money could disappear to foreign owners.
Checkout soon emptied
Norwegian's application for bankruptcy protection will be submitted to an Irish court on 7 December.
Earlier in November, the airline warned that the company's cash would be emptied sometime during the first quarter of 2021 if it is not pushed for more support and is now aiming to reconstruct its debt mountain with bankruptcy protection.
Many Swedish small savers
As of Thursday, the Norwegian share price will cost just under 40 Norwegian öre.
This can be compared with a price of around SEK 40 per share at the beginning of the year, before the covid-19 pandemic struck.
And if you go five years back in time, the price for the same share was well over SEK 200.
Due to the dramatic development of the Norwegian airline, many Swedish small savers have reason to hold their breath.
Despite the turbulence during the corona crisis, the Norwegian share has quickly become one of the most popular foreign shares among Swedish small savers.
According to Nordnet, there are thousands of Swedish shareholders, more than what is available in well-known American large companies such as Apple or Tesla.