Discount transatlantic carrier Norwegian Air will seek to shore up its balance sheet through a rights issue of 3 billion Norwegian kroners (about $353 million).  

Norwegian announced the move in conjunction with the Tuesday release of preliminary 2018 financial results, which showed an operating loss of 3.8 billion kroners (about $447 million), excluding interest and taxes.

The rights issue will be fully underwritten, with major backers including Norwegian CEO Bjorn Kjos, Norwegian chairman Bjorn Halvor Kise and shipping industry titan John Fredrikson, whose net worth is estimated by Forbes to be $7.1 billion. 

A rights issue is a tool used by cash-light companies in which they raise money by granting shareholders the right to buy new stock at a discount. 

The move by Norwegian follows International Airlines Group's decision last week to sell its 3.93% stake in Norwegian and make no further effort to purchase the discount carrier. Last spring, Norwegian rebuffed two IAG takeover bids.

Going forward, Kjos said Norwegian will shift its focus from growth to cost savings and a reduction in capital expenditures. Already this month, the carrier said it would close bases in Fort Lauderdale; Providence, R.I.; Stewart Airport in Orange County, N.Y.; as well as in Spain and Italy. 

Other cost-saving initiatives are a postponement of aircraft deliveries, aircraft divestments and route network optimization.

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