All Norwegian articles – Page 6
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NewsNorwegian 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 to the Oslo ...
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NewsNorwegian 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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NewsNorwegian 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 airline ...
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Airline BusinessNo 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 illustrates ...
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NewsBraathen to launch new Norwegian airline
A team led by experienced industry executive Erik Braathen is planning to launch an airline in Norway that reflects “the new economic reality”.
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NewsNorwegian September passenger numbers at just 10% of 2019 levels
Norwegian carried just 320,000 passengers in September, less than 10% of the number it flew in the same month last year as the airline remains in hibernation mode. The low-cost carrier had flown 3.3 million passengers in September 2019. The reduction is even starker as measured in RPKs, as ...
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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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Airline BusinessWinter 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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NewsNorwegian 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 it ...
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NewsNorwegian 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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NewsSwedish 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 a “very ...
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NewsNorwegian 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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NewsNorwegian 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 its ...
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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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Airline BusinessEuropean 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 controlled by ...
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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 is conditional ...