The airline put forward a package of debt conversion selling aircraft on the sale of new equity.

The carrier, based in Oslo, aims to raise up to four billion Norwegian crowns, or $455 million from the sale of new shares of hybrid instruments.

This year's massive fall in travel numbers has brought the company to the brink of collapse.

It recently applied for bankruptcy protection in Ireland with a hearing Jewett the Irish High Court on Monday.

Only six of Norwegian Ares 140 aircraft are currently in use, with the rest grounded.

That includes their entire fleet of Boeing 787 Dreamliners, which they used for transatlantic flights.

Last month, Norway's government rejected the airlines call for another injection of state funds.

A day after that, Norwegian said it was a risk of having to stop operations in early 2021 unless it could find more money.

The company's plan is to eventually leave.

The Irish court process is a viable carrier that has the potential to turn a profit.