All Norwegian articles – Page 3
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NewsAirline Business Friday Briefing: Two very different CEO departures
This week saw two low-cost carriers announce changes at the top of their businesses, where the similarities between the stories begin and end with the business model.
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Norwegian names new chief executive after voting to end Schram’s tenure
Scandinavian budget carrier Norwegian has named Geir Karlsen, the airline’s chief financial officer, as its new chief executive with immediate effect. The airline’s board voted on 20 June to end the tenure of previous chief Jacob Schram, who was appointed little more than 18 months ago as the beleaguered ...
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Norwegian exits bankruptcy after shedding two-thirds of its fleet
Norwegian has “successfully emerged” from bankruptcy protection with a much slimmed down fleet of 51 aircraft, all of which will be operated on a by-the-hour basis until the first quarter of next year, the airline has disclosed.
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Norwegian raises enough capital to exit bankruptcy
Norwegian has raised the NKr6 billion ($718 million) in fresh capital required to exit its restructuring process later this month, after a private placement of new shares was “significantly oversubscribed”.
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Norwegian edges closer to completing financial restructuring
Low-cost carrier Norwegian aims to complete its court-approved financial restructuring later this month after a deadline passed with no objections filed against the plan.
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Norwegian outlines NKr6bn capital increase for restructuring
Scandinavian budget carrier Norwegian is looking to raise up to NKr6 billion ($725 million) as part of its broad restructuring plan, following court approvals of arrangements to exit examinership processes. Norwegian has reduced debt and cancelled large numbers of aircraft orders during the restructuring, and is looking to emerge ...
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Norwegian aims to fly 50 aircraft this year, once restrictions lift
Restructuring low-cost carrier Norwegian plans to ramp-up its operations to a peak of 50 short-haul aircraft this year once travel restrictions are lifted and to reach 70 aircraft next year.
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Continued travel restrictions prompt Norwegian to lift capital raise target
Restructuring low-cost carrier Norwegian has increased the range of its planned capital raise in view of the slow opening up of travel markets.
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Norwegian reconstruction approved by Oslo court
Norwegian has had its plan for financial reconstruction approved by a court in Oslo, opening the door for the carrier to begin raising fresh capital.
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US opposition builds to Norse Atlantic’s planned transatlantic flights
Top US lawmakers are gearing up to battle a potential application by start-up Norse Atlantic Airways to begin transatlantic flights to the USA.
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Irish High Court approves Norwegian restructuring
Ireland’s High Court has approved Norwegian’s plan for financial reconstruction, leaving Norway to render a decision on the carrier’s proposal.
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New airline plans Norwegian-style transatlantic flights with 787s
A new airline backed by the founder of Norwegian is seeking to launch transatlantic flights with Boeing 787s later this year, as it aims to fill the long-haul low-cost gap left by the latter’s recent withdrawal from Europe-USA market.
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Norwegian files restructuring plan to courts
Low-cost carrier Norwegian has sent its plan for financial restructuring to the Irish and Norwegian courts, as it seeks permission from creditors and shareholders to continue the remodelling of its business and initiate a capital raise.
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Norwegian mass cancellation pushes Airbus into negative net orders
Airbus has newly-recorded cancellations of 92 aircraft, pushing the airframer far into negative net order territory after the first two months of this year. The cancelled aircraft comprise a pair of A350-900s plus 59 A320neo and 30 A321neo jets. Scandinavian budget carrier Norwegian accounted for almost all of ...
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Norwegian posts $2.7bn annual loss
Norwegian made a net loss of NKr23 billion ($2.7 billion) in 2020, dramatically deepening one of NKr1.61 billion in 2019, as its long-haul low-cost business model was devastated by the Covid-19 pandemic.
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Norwegian gives update on progress in settling with lessors
Norwegian continues to make progress in settling leases and other contracts with creditors under its Irish restructuring process, but faces opposition from some parties.
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Norwegian proposes haircut for creditors
Norwegian ’s creditors are set to take a significant haircut on their debts under a capital-raising exercise the carrier is planning under its restructuring processes. In a 19 February stock-exchange filing, the Scandinavian low-cost carrier says it intends to issue NKr1.88 billion ($221 million) of perpetual subordinated convertible bonds ...
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Norwegian reaches accommodation with several lessors
Norwegian and its subsidiaries have reached an accommodation with a number of lessors, including Avolon and SMBC Aviation Capital, relating to several aircraft the airline was formerly seeking to reject as part of its Irish restructuring process.
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Lessors raise concerns over Norwegian aircraft returns
Law firms representing Norwegian’s lessors and creditors have raised concerns over the airline’s bid to repudiate 36 aircraft leases under its restructuring process.
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Norwegian flew eight aircraft on average in restriction-hit January
Restructuring low-cost carrier Norwegian operated an average of just eight aircraft in January as a result of services curtailed by travel restrictions.
