All Norwegian articles – Page 4
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NewsNorwegian to refocus on routes with proven profitability
Norwegian plans to focus on core connections that have “historical profitability” as it transitions to becoming a conventional low-cost short-haul operator.
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News
Stronger Norwegian business plan convinces government to offer support
Norway’s government has signalled that it is prepared to offer financial support to budget carrier Norwegian, to assist with the restructuring airline’s recovery, but has laid out a number of conditions. The government is stressing that it has no intention of becoming an owner of the carrier. Trade ...
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Analysis
What does Norwegian exit mean for long-haul, low-cost adventure?
Norwegian is ditching the long-haul, low-cost model it pioneered over the past decade, but will the carrier’s legacy be a longer lasting impact on the transatlantic market?
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Analysis
Norwegian’s lessors gain some certainty at least
Norwegian ’s intention to exit long-haul services and focus on short-haul and domestic flying as part of its restructuring plan presents its lessors with some certainty for the future at least – if little else. Under its restructuring plan, the Oslo-based carrier will become an entirely short-haul carrier with ...
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News
Norwegian to exit long-haul market
Troubled low-cost carrier Norwegian is abandoning its long-haul network as it sets out a scaled-back business model focused on Norwegian domestic, regional Scandinavian, and key European services. “Our short-haul network has always been the backbone of Norwegian and will form the basis of a future resilient ...
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In depth
How many jobs have Europe’s airlines cut in 2020?
Tens of thousands of jobs have been lost in Europe’s airline sector since the crisis began, as carriers seek to reduce cash burn and ‘right-size’ for the eventual recovery in demand.
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News
Shareholders back Norwegian rights issue plan
Norwegian shareholders have backed a proposed rights issue as part of the carrier’s continuing restructuring efforts at an extraordinary general meeting today.
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Analysis
Will Europe’s low-cost airlines lead the region out of the crisis?
The possibility that vaccines might begin to have a genuine impact on controlling the pandemic in Europe by the end of the first quarter of 2021 has changed the narrative.
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News
Norwegian files for formal restructuring in Norway
Cash-strapped low-cost carrier Norwegian has filed for financial restructuring under Norwegian law in parallel to a similar process already under way in Ireland. Norwegian initiated a formal financial restructuring for its Norwegian Air International subsidiary and aircraft leasing unit Arctic Aviation Assets, under an Irish examinership process, on ...
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News
Norwegian tests debt-for-equity appetite again in bid for funding
Scandinavian budget airline Norwegian is again proposing a debt-for-equity conversion as part of an effort to raise funding, just six months after persuading creditors to sign up to a similar scheme. Norwegian says it will request “significant equitisation” of debt at market price, and seek approval for a NKr4 ...
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News
SAS not counting Norwegian out as rival plans $450m share issue
Scandinavian operator SAS believes that it will face a fiercely competitive situation in the region during crisis recovery, irrespective of the survival – or otherwise – of budget rival Norwegian. Norwegian disclosed plans on 3 December to pursue a new share issue intended to raise gross proceeds of up ...
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News
Norway extends repayment term for airline state-guarantee scheme
Norway has further extended the terms of a state-backed loan guarantee scheme it has granted its carriers. While Norway’s government earlier this month rejected Norwegian’s request for more state aid – a move the struggling carrier cited as a factor when two of its Irish units filed for financial ...
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News
Norwegian seeks financial protection as units file for Irish restructuring
Norwegian has initiated a formal financial restructuring for its Norwegian Air International subsidiary and aircraft leasing unit Arctic Aviation Assets under an Irish examinership process. The cash-strapped low-cost carrier says the purpose of the process is to reduce debt, rightsize the fleet and secure new capital. In initiating an ...
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News
Norwegian flags ‘significant’ bankruptcy risk amid heavy losses
Scandinavian budget carrier Norwegian has today warned that it faces a “significant risk” of insolvency, as it revealed a third-quarter net loss of NKr980 million ($108 million). Still reeling from the Norwegian government’s 9 November announcement that it would not provide any more financial support to ...
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News
Norwegian blames lack of government support for drastic cutbacks
Norwegian is to furlough an additional 1,600 staff and park 15 of its 21 operational aircraft, blaming a lack of additional government support and the added burden of new travel restrictions for the cutbacks.
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News
Norwegian warns of ‘uncertain future’ after government rejects support request
Norwegian is facing “a very uncertain future” after Norway rejected requests from the airline for further financial support. Oslo notes that in respone to the coronavirus crisis the state’s extraordinary contribution to aviation in Norway so far in 2020 amounts to NKr13 billion ($1.4 billion). Source: ...
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News
Norwegian debt-equity swap follows 90% fall in October traffic
Scandinavian low-cost carrier Norwegian has converted another €1.7 million ($2 million) of debt into equity after perpetual bondholders agreed to swap loans for shares. The bonds are being converted into nearly 4.6 million new, freely tradeable shares in the company, states Norwegian in a 5 November notice ...
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News
Norwegian converts more debt into equity
Scandinavian budget carrier Norwegian has converted another SKr231 million ($26 million) of debt into equity by issuing 56.3 million new shares.
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News
Norwegian opens consultation over Gatwick job cuts
Scandinavian low-cost carrier Norwegian has opened a formal consultation over staff cuts at its London Gatwick base as the sustained impact of the global pandemic on air travel continues. The consultation relates primarily to short-haul pilots and cabin crew at Norwegian’s Gatwick base and potentially covers 259 roles. The ...
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Analysis
No one-size-fits-all for European LCC approach to crisis capacity
If the narrative among pan-European low-cost carriers over recent years has been one of consistent rapid growth, the approach to restoring capacity of the leading players since the pandemic has been anything but uniform. Analysis of traffic data released by EasyJet, Norwegian, Ryanair and Wizz Air over recent days ...
