(Bloomberg) -- Norwegian Air Shuttle ASA dropped as much as 60% after completing a recapitalization that hands control of the company to aircraft lessors and bondholders.

Investors had in recent days stubbornly traded Norwegian’s shares far above the price of a discounted equity issue that came on top of a $830 million debt conversion. On Wednesday, the stock collapsed after the company confirmed it had finally clinched a state-guaranteed loan that will keep it afloat in the next few months.

The debt conversion has marginalized current shareholders, with leasing companies Aercap Holdings NV and BOC Aviation Ltd. flagging stakes of 16% and 13%, respectively, putting them among the low-cost carrier’s biggest owners.

The stock pared the loss to 43%, trading at 2.14 kroner a share as of 9:48 a.m. in Oslo. Norwegian issued shares at 1 krone apiece earlier this month.

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Norwegian Air reached agreements with its creditors in early May after dramatic negotiations. The restructuring allowed it to meet strict terms set by the Norwegian government to guarantee a new 3 billion-krone loan and make sure the airline didn’t run out of cash after the coronavirus pandemic compounded existing financial troubles.

Yet Norwegian Air has said it will likely need more capital as it braces for a protracted crisis.

“The months ahead will remain challenging and with a high degree of uncertainty for the industry,” Chief Executive Officer Jacob Schram said in a statement on Wednesday. “Norwegian will still need to collaborate closely with a number of creditors as the company currently has limited revenues.”

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