Tag Archives: Norwegian

Norwegian reveals plan to raise new funds | News

Norwegian continues to struggle as Covid-19 restrictions tighten | News

Norwegian has updated the market on the forthcoming capital raise, setting an upper limit of NOK6 billion (£500 million). The low-cost airline said cash would be used to sharply reduce debt. In addition, aircraft orders amounting to NOK85 billion have been cancelled. “The capital raise has been revised to between NOK4.5 and six billion, this […]

Oslo County Court approves Norwegian financial restructuring | News

Norwegian continues to struggle as Covid-19 restrictions tighten | News

The Oslo County Court has approved a reconstruction plan for low-cost carrier Norwegian in Norway. Reaching this milestone means that both the reconstruction processes in Ireland and Norway have now been approved by the courts. The company will now prepare the process of raising new capital. The court reached a positive conclusion after the creditors […]

Ryanair veteran Dunne takes up new Norwegian role | News

Ryanair veteran Dunne takes up new Norwegian role | News

Adrian Dunne will join Norwegian as the new executive vice president, operations. He has more than thirty years of experience as a leader within the aviation industry. “I am very pleased to welcome Adrian Dunne onboard. “We are preparing for a highly competitive environment after the pandemic, and I am confident that his industry expertise […]

Norwegian takes next steps on financial restructuring | News

Norwegian takes next steps on financial restructuring | News

A financial reconstruction plan for low-cost carrier Norwegian has been sent to creditors and shareholders. If the plan is approved by the Irish and Norwegian courts in the coming weeks, the company can continue the reconstruction processes and initiate a capital raise in April, targeting completion in May. Jacob Schram, chief executive of Norwegian, said: […]

Norwegian reports £1.4bn loss for fourth quarter | News

Norwegian continues to struggle as Covid-19 restrictions tighten | News

Norwegian today reported a net loss of NOK16.6 billion (£1.4 billion) for the fourth quarter, including impairment of NOK 12.8 billion. The operating expenses before leasing and depreciation were reduced by 82 per cent compared to the same quarter last year. In 2020, the company reduced net interest-bearing debt by NOK18 billon. Demand was severely […]

Norwegian continues to fight for survival | News

Norwegian continues to struggle as Covid-19 restrictions tighten | News

Norwegian has revealed traffic figures for December continued to be heavily influenced by lower demand caused by continued travel restrictions across Europe. However, the low-cost carrier said Christmas bookings were positive. In December, 129,664 customers flew with Norwegian, a decrease of 94 per cent compared to the same period last year. The capacity (measured in […]

Norwegian boosted by Christmas bookings by woes continue | News

Norwegian continues to struggle as Covid-19 restrictions tighten | News

Traffic figures at Norwegian continue to be heavily influenced by lower demand caused by travel restrictions across Europe. However, the low-cost carrier said Christmas bookings looked promising. In November, 124,481 customers flew with Norwegian, a decrease of 95 per cent compared to the same period last year. Capacity (measured in available seat kilometres) was down […]

Norwegian wins bankruptcy protection in Ireland | News

Norwegian continues to struggle as Covid-19 restrictions tighten | News

Norwegian has won High Court protection from creditors for its key Irish subsidiaries as the carrier begins the latest bid to salvage its struggling operations. Justice Michael Quinn appointed KPMG partner, Kieran Wallace, as interim examiner to Irish-based Norwegian Air International, Arctic Aviation Assets DAC and three other companies. The Irish subsidiaries named their parent, […]

Norwegian cuts 1,600 jobs as government rejects funding plea | News

Norwegian cuts 1,600 jobs as government rejects funding plea | News

Norwegian has furloughed a further tranche of employees and announced new reductions in capacity. The decision follows a move by the government of Norway to deny the low-cost carrier further financial support yesterday. Norwegian argues its operations are unsustainable in light of travel restrictions imposed in the wake of the Covid-19 pandemic which actively discourage […]

Future of Norwegian uncertain as government denies further aid | News

Future of Norwegian uncertain as government denies further aid | News

The government of Norway has announced that Norwegian will not receive further financial support. With the low-cost carrier having previous states further aid was necessary to maintain operations throughout the Covid-19 crisis, the future of the airline has been thrown into doubt. The company is now facing a very uncertain future, a statement said. “First […]

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