Norwegian Airlines News Page 6
Financial crunch approaches for Norwegian
Battered low-cost carrier Norwegian has said virtually all of its fleet will likely remain grounded until 2021. The news comes as the airline seeks to persuade shareholders to accept a government-backed rescue plan that will wipe out most other investors.
Norwegian subsidiaries file for bankruptcy leaving 4,700 jobs in jeopardy
Pilot and cabin crew companies owned by low-cost carrier Norwegian in Sweden and Denmark have filed for bankruptcy. The move comes against a backdrop of the ongoing spread of Covid-19, with most countries having advised against or banned non-essential travel.
Norwegian seeks to reconfigure debts to access government support
Norwegian has unveiled plans to strengthen its balance sheet by converting debt to equity in order to meet the requirements of the Norwegian state guarantee program.
Norwegian sees passenger numbers fall two thirds in March
The global outbreak of Covid-19 has decimated the latest traffic figures from Norwegian. The company experienced a dramatic drop in demand last month following government-imposed travel restrictions and a general travel decline.
Chancellor Sunak rules out support for UK aviation sector
Having previously pledged to work with carriers to overcome the financial difficulties created by the coronavirus pandemic, chancellor Rishi Sunak has now advised airlines to find other forms of funding.
Norwegian secures NOK3 billion in government support
The Norwegian government last week proposed a guarantee of NOK6 billion for the Norwegian airline industry, of which up to NOK3 billion is directed to Norwegian. The guarantee scheme will consist of three tranches with a maximum two years maturity.
Norway offers bailouts to domestic airlines
The government of Norway has moved to support the flatlining aviation sector in the country, offering more than US$550 million in bailout funds. Some US$250 million will be directed at embattled budget operator Norwegian.
Norwegian to lay off 90 per cent of workforce
Norwegian will gradually cancel most of its flights and temporarily lay off a majority of its workforce due to stagnating demand and enforced travel restrictions in the wake of the Covid-19 outbreak.
Norwegian to cut workforce by half as cancellations grow
Norwegian has confirmed it will temporarily layoff 50 per cent of its workforce as flight cancellations spiral in the wake of the coronavirus outbreak – a number the low-cost carrier warned could increase
Norwegian cuts flights, announces layoffs in face of coronavirus
Norwegian will cancel approximately 3,000 flights between mid-March and mid-June as travel demand slumps in the face of the Covid-19 outbreak. This represents approximately 15 per cent of the total capacity for the period.
Norwegian cuts long-haul flights as coronavirus hits demand
Norwegian has confirmed it will cancel a number of planned flights in response to the spread of the coronavirus. The low-cost carrier said it had decided to cancel 22 long-haul flights between Europe and the United States from March 28th to May 5th.
Norwegian to launch new Greece connection this summer
Norwegian is launching a new non-stop service from London Gatwick to Aktion Airport, which serves both Preveza and Lefkada in Greece. The first flight will depart on May 3rd.