All Norwegian articles – Page 6
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NewsAlbrecht 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 depthEuropean 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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NewsNorway 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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NewsNorwegian 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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NewsMajor 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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NewsNorwegian 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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NewsNorwegian 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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NewsNorwegian 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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NewsTalks 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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NewsNorwegian 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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NewsFour 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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NewsNorwegian 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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NewsNorwegian 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 ...
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NewsNorwegian receives first financing under sector’s rescue package
Low-cost carrier Norwegian has obtained the first 10% of the funding that Norway’s government is guaranteeing for it under a rescue plan for the national airline industry. On 19 March, Norway announced an NKr6 billion ($542 million) bailout for the sector, of which half would go to Norwegian ...
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NewsNorwegian offered largest share of airline state guarantee package
Norway’s government is providing a conditional state loan guarantee for its aviation industry amounting to NKr6 billion ($533 million), and is securing a minimum level of flight operations in the country. Half of the funding, NKr3 billion, will be directed at embattled budget operator Norwegian, with another NKr1.5 billion ...
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NewsNorwegian to cancel 85% of flights and temporarily lay-off 90% of staff
Nor wegian is suspending a big majority of its services and laying off 7,300 employees as it seeks to weather the coronavirus outbreak. “The Covid-19 situation is escalating by the hour and due to stagnating demand and enforced travel restrictions by authorities worldwide, Norwegian will gradually cancel ...
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NewsNorwegian seeks to funnel US passengers through London
Scandinavian budget carrier Norwegian is attempting to adapt to the transatlantic travel ban by routing customers through its UK base at London Gatwick. But it is unclear how effective this strategy will be given the extent of the US government’s restrictions. Norwegian says its aim is to re-route ...
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NewsNorwegian to cut 4,000 flights and 50% of staff
Norwegian is grounding 40% of its long-haul fleet and cancelling some 25% of its short-haul services in response to the coronavirus outbreak and the US ban on European travellers.
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NewsNorwegian cuts jobs and capacity amid ‘critical time’
Norwegian has disclosed plans to cut 3,000 flights between mid-March and mid-June, and is calling for action from authorities to “reduce the financial burden” on the airline sector.
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NewsNorwegian slashes transatlantic capacity as coronavirus hits demand
Norwegian is cutting 22 long-haul flights between Europe and the USA between 28 March and 5 May, as passenger numbers dive as a result of the coronavirus outbreak.