Norway’s New Restructuring Regime

The proposed rules would materially strengthen the Norwegian restructuring framework. They would broaden the tools available in restructurings, while also introducing more complex procedures and greater scope for valuation and inter-creditor disputes. Secured claims may be affected more extensively than under the current regime, both because they may be included in a restructuring plan and because the proposal significantly broadens the scope for super-priority security.


The key developments from our perspective are:

Class formation and class voting

Creditors would vote in separate classes reflecting their ranking and the treatment proposed under the plan. Secured claims, preferential claims and unsecured claims would normally be separated, and shareholders may also vote in a separate class where the plan affects equity interests.

Cross-class cram-down

A restructuring plan may be confirmed even without the approval of all classes. This is subject to statutory conditions, including support from a majority of classes and safeguards for dissenting creditors.

Secured and preferential claims

Secured claims and certain preferential claims may be included in the restructuring plan to a greater extent than today, expanding the scope for effective restructuring.

Confirmation and equity measures

The proposal provides a more developed confirmation regime and may allow a confirmed plan, subject to statutory conditions, to replace shareholder resolutions otherwise required for certain capital measures.

Super-priority financing

The proposal would also significantly broaden access to super-priority security, including with priority over existing security interests.

The road ahead

The bill was presented on 27 March 2026 and is now under consideration in the Storting. The temporary Reconstruction Act remains in force until 1 July 2026, but the proposal is intended to facilitate a flexible transition to the permanent regime.