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.
Norwegian argues its operations are unsustainable in light of travel restrictions imposed in the wake of the Covid-19 pandemic which actively discourage passengers from travelling.
With the low-cost carrier having previously stated further aid was necessary to maintain operations throughout the Covid-19 crisis, the future of the airline has been thrown into doubt.
Traffic figures for October from low-cost carrier Norwegian have been heavily influenced by lower demand caused by continued travel restrictions across Europe, with several new red zones.
September traffic figures at Norwegian have been heavily influenced by lower demand caused by new and stricter travel restrictions across Europe.
Norwegian has launched a new sustainability strategy that will see it seek to cut CO2 emissions by 45 per cent by 2030. The carrier said goals were in line with the Paris Agreement.
The carrier has reported new traffic figures heavily influenced by the Covid-19 outbreak. The total number of customers carried in August was 313,316, a decrease of 91 per cent.
With the Covid-19 pandemic taking a huge toll on the airline, passenger numbers fell 71 per cent to 5.3 million during the first six months of the year.
Having survived a near-death experience during the Covid-19 lockdown, low-cost carrier Norwegian has unveiled plans to return to operation. The airline will operate flights from London Gatwick and Edinburgh to Oslo and Copenhagen from July 1st.
Norwegian chief executive, Jacob Schram, has announced a new management structure for the low-cost carrier. The decision follows a successful financial reorganisation of the airline, which allowed for access to £230 million in support from the Norwegian government.
Norwegian has completed a complex restructuring allowing the low-cost carrier to access a state loan guarantee of £230 million. However, the coming months will remain “challenging,” the airline said earlier.
Reports suggest shareholders have backed key elements of the proposal, with about 95 per cent of votes cast supporting converting debt into equity.