AerCap and BOC Aviation completed the acquisition of a stake in Norwegian Air.

AerCap and BOC Aviation, two aircraft leasing companies, completed the acquisition of a stake in Norwegian Air, a Norwegian low-cost airline. Aercap now holds a 15.9% stake and BOC Aviation holds a 12.67% stake in the company. The bidders completed a debt restructuring and secured a long-sought credit guarantee from Norway’s government in a $1.3bn deal. Lessors collectively took a majority of Norwegian’s capital as smaller firms including Avolon and DP Aircraft did similar deals. Leasing firms reluctantly agreed to take shares for debt as Norwegian’s bankruptcy would have released a glut of used planes into the market, hurting the rest of their business. “Norwegian will still need to collaborate closely with a number of creditors as the company currently has limited revenues,” Jacob Schram, Norwegian Air CEO.