All Norwegian articles
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NewsNorway extends airline loan guarantee scheme until year-end
Norway is to set extend its aviation loan guarantee scheme until the end of the year in a move it hopes will make it more attractive to airlines.
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Analysis
Winter of disconnect ahead for Europe’s airlines
There are few crumbs of comfort for European airlines as they look back on a worse-than-expected summer season and forward to what could be a bleak winter.
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News
Norwegian keeps faith in slimmed down long-haul model
Restructuring low-cost carrier Norwegian aims to stick with a scaled-back version of its long-haul business when it moves out of the hibernation phase it has been in since the coronavirus crisis hit. While the airline continues to work on financial restructuring to secure its future – and today confirmed ...
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News
Norwegian warns more cash needed to survive crisis
Restructuring low-cost carrier Norwegian has warned it will require further financing next year to survive the winter as coronavirus-related travel restrictions continue to hamper the recovery in air travel
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News
Swedish debt office denies credit guarantee to Norwegian's local operation
Scandinavian budget carrier Norwegian’s Swedish division has been denied a credit guarantee by the Swedish national debt office. The office states that it has “decided to reject” the application because guarantees can only be granted to airlines considered financially viable on 31 December 2019. It says there was ...
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News
Norwegian cancels 97 Boeing aircraft orders
Norwegian has cancelled orders for 97 Boeing aircraft including examples of the troubled 737 Max and the 787 Dreamliner, and is claiming compensation for financial losses related to the two jets.
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News
Norwegian to restore some European short-haul flights from July
Norwegian is to deploy a further a dozen aircraft from the start of July as it reopens short-haul European links from Scandinavia The restructuring low-cost carrier has been operating only a network of 13 domestic routes since the pandemic hit using eight aircraft. But it now plans to expand ...
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News
Albrecht and Browne proposed for Norwegian board
Experienced airline executives Jaan Albrecht and Chris Browne, together with Aercap’s chief risk officer Anton Joiner are among nominations to join the board at Norwegian.
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In depth
European carriers aim to cut their way through the crisis
While the short-term focus among European carriers has been on finding ways to survive the crisis and resume services, airlines have been quick to signal sizeable cuts to their operations with few expecting traffic to return to previous peaks before 2023
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News
Norway to extend airline loan guarantee scheme
Norway’s government plans to extend its state loan guarantee scheme for airlines until the end of October saying the crisis is lasting longer than envisaged when the programme was intially launched.
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News
Norwegian clings to restructuring hopes as Q1 losses widen
Norwegian’s first-quarter losses have widened significantly to NKr3.28 billion ($331 million) and the company remains in “hibernation mode”, in the hope that its recent financial restructuring and state-aid lifeline will enable it to have a future.
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News
Major lessors now hold substantial interests in Norwegian
Chinese-linked interests will hold significant shareholdings in Scandinavian budget carrier Norwegian following a debt-to-equity conversion scheme established to shore up the company’s financial position. Norwegian’s new share capital amounts to nearly 3.07 billion shares following the conversion scheme. Leasing firm BOC Aviation – which is Singapore-based, but ultimately ...
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News
Norwegian secures key state loan after sealing equity restructuring
Norwegian has completed its financial restructuring under which it converted NKr12.7 billion ($1.27 billion) debt into equity to enable it to access NKr3 billion in lifeline state aid.
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News
Norwegian shareholders approve survival plan
Norwegian ’s shareholders have voted in favour of its plan to convert debt to equity and relaunch operations with a smaller fleet and fewer destinations from 2021. The airline should now be able to access the rest of its NKr3 billion ($288 million) bailout package from Norway’s government, which ...
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News
Norwegian secures bondholder and lessor support ahead of crunch vote
Norwegian expects to convert more than Nkr10 billion in debt to equity after reaching agreement with more lessors and bondholders, clearing the path to unlocking crucial further state aid.
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News
Talks continue as Norwegian fails to get bondholder majority for debt conversion plan
Norwegian is holding “constructive dialogue” with bondholders over whether a majority in favour of its debt-to-equity conversion plan can be reached, after it was rejected in an initial vote on the proposal.
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News
Norwegian sets out survival plan and sounds warning on cash
Norwegian will run out of cash by mid-May if it does not secure the remainder of its state aid package, the Scandinavian budget carrier has warned in a report to bondholders which lays out plans for a “new Norwegian” that will not start to take off until 2021.
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News
Four of Norwegian’s crew subsidiaries file for bankruptcy
Scandinavian budget carrier Norwegian has confirmed that four subsidiaries which employ more than 4,000 pilots and cabin crew members in Denmark and Sweden have filed for bankruptcy.
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News
Norwegian share price plummets on debt conversion plan
Scandinavian budget carrier Norwegian saw its share price nosedive when markets opened on 14 April, following its 8 April proposal to convert debt to equity in order to qualify for state aid. Shortly after the Oslo stock exchange reopened following the long Easter weekend, Norwegian ’s share price ...
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News
Norwegian shareholders to vote on crucial debt-to-equity scheme
Scandinavian budget carrier Norwegian has called a shareholders’ meeting for 4 May to discuss plans to convert debt to equity, in order to meet criteria for the Norwegian government’s state guarantee scheme. The airline is trying to secure NKr3 billion in funding but, while it has met the requirements ...
