Norwegian in 2020

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sean1982
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Re: Norwegian in 2020

Post by sean1982 »

Norwegian closed its pilot base in BKK, firing all pilots there. They are also laying off cabin crew across Europe and cancelling most recruitment.

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Re: Norwegian in 2020

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Danish Air Transport will fly two Airbus aircraft for Norwegian until the end of October 2020, out of Copenhagen.
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Re: Norwegian in 2020

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Norwegian has almost halved the Stock Exchange this year as a result of coronavirus. Danske Bank expects income to fall 11% in 2020, doubling of loss before tax to US$355 million. The carrier will be forced into new debt negotiations and also a possible new capital raising, says the bank.
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Re: Norwegian in 2020

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Norwegian reports higher unit revenue and improved punctuality in February, but cancels flights because of coronavirus

https://www.aviation24.be/airlines/norw ... ronavirus/
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Poiu
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Re: Norwegian in 2020

Post by Poiu »

Norwegian share price down 70% in three weeks, not looking good!

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Re: Norwegian in 2020

Post by TLspotting »

Poiu wrote: 06 Mar 2020, 10:22 Norwegian share price down 70% in three weeks, not looking good!
Yes it will finish like flybe. We have to keep an eye on it as the future seems to be darker and darker with the days...
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Re: Norwegian in 2020

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Norwegian chairman sees an increased risk for bankruptcy for airlines, amid the coronavirus outbreak. The carrier now has a market value of US$166.4 million after falling 75% on the local stock exchange. Debt stands at $6.2 billion in debt, which is likely to be restructured.
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Re: Norwegian in 2020

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Poiu
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Re: Norwegian in 2020

Post by Poiu »

Bloomberg is not very optimistic about the future of Norwegian, unsustainable growth and past debt (sounds a bell?) are quoted as the biggest reasons why the Norwegian state may not bail them out.
https://www.bloomberg.com/opinion/artic ... nal-gambit

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Re: Norwegian in 2020

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Norwegian UK pilots and cabin crew have been told they will not receive their April 2020 salary due to lack of funds. The company intends to apply for the UK government’s furlough scheme to cover 80% of staff wages when it opens on 20 April.

Norwegian shares plummeted again on 14 April 2020, and are now trading down around 97% from their 2015 peak, with the airline’s survival depending on creditors accepting a rescue plan.
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Re: Norwegian in 2020

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Norwegian will push ahead with its rescue plan and unlock government aid after winning support from shareholders, bondholders and aircraft lessors for a US$962 million debt-for-equity swap. The plan will hand majority ownership to the airline’s creditors and leave shareholders with 5.2% of the company.
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Poiu
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Re: Norwegian in 2020

Post by Poiu »

Norwegian will be shrinking from 150 to less than 10 aircraft! This summer they will focus on domestic Norwegian routes. From summer 2021 onwards they will try to grow again.

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sn26567
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Re: Norwegian in 2020

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Norwegian drops its Spain unit for at least a year until it is ready to expand its operations again around mid-2021. The move affects around 1300 staff based in the country.

Norwegian reports a total number of flown customers in April 2020 was 41,311 and the total ASKs were 110,295,183.
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rwandan-flyer
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Re: Norwegian in 2020

Post by rwandan-flyer »

China takes stake in Norwegian Air

Troubled budget carrier sees challenging months ahead despite securing government loan

China has acquired a stake in budget airline Norwegian Air after the cash-strapped carrier underwent a major restructuring, according to a notification to the Oslo Stock Exchange on Wednesday.

https://www.aa.com.tr/en/asia-pacific/c ... r-/1847944

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Re: Norwegian in 2020

Post by Poiu »

rwandan-flyer wrote: 20 May 2020, 23:04 China takes stake in Norwegian Air
Just to clarify, as your bold seems to suggest the Chines invested money in Norwegian, which is NOT the case.
Outstanding debts from leasing have been converted into shares to avoid bankruptcy, it’s not an investment.

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Re: Norwegian in 2020

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Norwegian announces that it will need several billion in the future and will not have sufficient working capital until 1Q 2021, with today’s demand and travel restrictions. Norwegian estimates that it will need around €200 million in 2Q 2021.
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Re: Norwegian in 2020

Post by convair »

Poiu wrote: 21 May 2020, 07:30
rwandan-flyer wrote: 20 May 2020, 23:04 China takes stake in Norwegian Air
Just to clarify, as your bold seems to suggest the Chines invested money in Norwegian, which is NOT the case.
Outstanding debts from leasing have been converted into shares to avoid bankruptcy, it’s not an investment.
I don't know the details of this particular deal, but acquiring shares of a company, whether with cash or by converting debts, is an investment.

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Re: Norwegian in 2020

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Norwegian is relinquishing the ownership they hold in OSM Aviation (Norway), who will receive shares in the carrier as compensation. Norwegian will also become a permanent employer for 3,000 pilots and cabin crew in the US, England and Spain.
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Re: Norwegian in 2020

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Norwegian claims Boeing is behind B737 MAX and B787 contract violations worth more than US$1 billion in its lawsuit against the manufacturer.
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Re: Norwegian in 2020

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Lessor AerCap Holdings now holds an interest in a total of 487,915,559 ordinary shares, representing 13.7% of the share capital and voting rights in Norwegian, following the conversion of vendor debt to equity.

Lessor Avolon has an interest in a total of 168,787,395 ordinary shares in Norwegian, which following a share capital increase was reduced from representing approx. 5.15% to approx. 4.73% of the total outstanding share capital and voting rights in Norwegian Air Shuttle.
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