Norwegian Air seeks $4.3 billion debt-for-equity deal as crisis intensifies

OSLO (Reuters) - Norwegian Air plans to convert up to $4.3 billion of its debt into equity and to issue new shares as it seeks to stay in business following the COVID-19 outbreak that has grounded almost all of its fleet, the budget carrier said on Wednesday.By boosting its equity, the airline would also qualify for government guarantees of up to 3 billion Norwegian crowns ($292 million), which are dependent on the company reducing its ratio of debt to equity.Growing rapidly in the last decade..