Financial woes at Norwegian airline Flyr after failed business plan

A serious financial situation for Norwegian airline Flyr as on Monday morning, the board of the airline informed Oslo Børs about the failure to restructure the airline. The board will now look into alternatives for a continued operation. Today’s flights are running as expected, the airline confirmed. 

“The business plan that was published in November 2022 assumed a given price per share. Over time, however, the share price has been below what was necessary to implement the plan. The company has therefore worked since before Christmas to find solutions to obtain the necessary capital for an alternative financing plan,” Flyr wrote in a press release.

Flyr saw a great demand for charter missions and ACMI charters for other airlines. Before Christmas, Flyr reached an agreement with a European airline to operate six aircraft during Summer 2023. The board and the financial advisers believed that the agreement would result in the business plan being successful.

“Unfortunately, Flyr has not been successful with the alternative business plan and is now in a situation where the board must assess whether there are alternatives for further operation,” Flyr chairman Erik Braathen said.

Monday’s flights to Malaga, Alicante and Las Palmas (Spain) are running as normal. The company has no scheduled flights on Tuesday and information about future flights will be shared as soon as possible on www.flyr.com.

Flyr will provide updated information as soon as possible and is very understanding that this situation creates uncertainty for travellers. The company asks everyone who has booked travel to follow updates directly from Flyr or at www.flyr.com.