Troubled low-cost airline, Norwegian Air said Tuesday they are planning to sell shares to raise three billion kroner (€309m), as the airline is to restructure and cut costs.

It has been reported the airline is operating at a loss of 2.2 billion kroner in 2018, revenue was 40.3 billion kroner.

In a statement the company said, “Norwegian has been through a period with significant growth. Focus going forward will increasingly be on cost savings and reductions.

“We will now get in place a strengthened balance sheet that supports and further development of the company.”

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