Norwegian Air has today proposed to convert debt to equity, offload planes and sell new shares in an attempt to survive the Covid-19 pandemic, which has brought the company to its knees. Norwegian airline on brink as government in Oslo rejects extra funding, Ryanair could be ‘last person standing,’ says boss. Norwegian Air seeks bankruptcy protection, to restructure Credit: Unsplash/CC0 Public Domain Low-cost carrier Norwegian Air Shuttle said Wednesday it is seeking restructuring and bankruptcy protection in Ireland, where its fleet is held, saying the decision was "in … Before the pandemic, Norwegian helped transform transatlantic travel, expanding the European budget airline business model to longer-haul destinations, but also ran up losses each year from 2017 to 2019. The company's plan is to exit the Irish court process as a viable carrier that has the potential to turn a profit, with the current aim of completing the transformation by February 26 2021. RTÉ is not responsible for the content of external internet sites. Can British Airways owner IAG fly off with Norwegian Air? The budget carrier said in … Book flights through our low fare calendar to your favourite destinations. Find the latest NORWEGIAN AIR SHUT (NAS.OL) stock quote, history, news and other vital information to help you with your stock trading and investing. Photo: Jonathan Nackstrand/AFP via Getty. Shares in Norwegian Air Shuttle NAS, -16.77% plunged almost 20% on Monday, after the cash-strapped carrier warned it was facing a “very uncertain” future. "The company asks for the continued support of its shareholders to prepare for future capital increases in parallel with the restructuring of its balance sheet," Norwegian said in a statement. Norwegian Air has asked the Irish High Court to oversee a restructuring of its massive debt as it seeks to stave off collapse amid the coronavirus pandemic, the airline said. Norwegian on brink of collapse and faces 'uncertain future' as financial support withdrawn NORWEGIAN appears to be on the brink of collapse after the … Ex-Norwegian Air Shuttle investor to launch new Norwegian carrier Share this news A new airline should become a strong operator of Norway’s domestic routes as well as direct flight operations in Europe, according to a press release on October 7, 2020. Low-cost airline Norwegian Air has filed for bankruptcy protection in Ireland, becoming the biggest casualty of the coronavirus pandemic in the aviation sector to date. The carrier, which is based outside of Oslo, initiated an examinership process in Ireland for its Norwegian Air International (NAI) Limited and Arctic Aviation Assets (AAA) subsidiaries. Only six of the company's 140 aircraft are currently in use, while the remaining 134 are grounded due to the pandemic, including the company's entire fleet of Boeing 787 Dreamliners used for its suspended transatlantic flight programme. A hearing at the High Court here, during which Norwegian will seek bankruptcy protection - called "examinership" in Ireland - is scheduled for Monday. Book your next flight to Europe with Norwegian. RTÉ.ie is the website of Raidió Teilifís Éireann, Ireland's National Public Service Media. In October, 319,477 customers flew with Norwegian, a decrease … Is British Airways gearing up to take over Norwegian Air? Norwegian Air has recently applied for bankruptcy protection in the Irish High Court. By cutting its fleet and reducing its debt load, Norwegian believes it can make itself attractive to new shareholders and potentially attract financial support from Norway's government, which has so far rejected calls for more aid. Norway's government rejected the airline's plea for another injection of state funds last month. It did not say how much debt it wanted to convert. Norwegian aims to convert debt accrued from aircraft purchases, leasing liabilities and bond obligations as well as money owned to other vendors and suppliers into shares, thus helping restructure its balance sheet. The examinership process is the equivalent of Chapter 11 in the U.S. Sign up to receive the bi-weekly aviation newsletter for more airline news! It will also seek to only pay lessors for the use of the aircraft when they are actually in use, by the hour, until 2022. Nov. 18 (UPI) -- Low-cost airline Norwegian Air filed for bankruptcy Wednesday in Ireland citing financial instability due to the COVID-19 pandemic. © RTÉ 2020. Boeing 737 Max grounded: What is the impact on European airlines? As part of the plan, the Oslo-based carrier aims to raise up to 4 billion Norwegian crowns ($455.4m) from the sale of new shares or hybrid instruments, it said. What are the implications for passengers on the Boeing 737 MAX? COPENHAGEN, Denmark -- Low-cost carrier Norwegian Air Shuttle said Wednesday it is seeking restructuring and bankruptcy protection in Ireland, where its fleet is held, saying the decision was “in the interest of its stakeholders.” Large aircraft leasing companies that have unwillingly become large shareholders in Norwegian made it clear they wouldn’t oppose a bankruptcy protection order, in the hopes Norwegian can restructure its operations, slim … Norwegian Air’s rally followed a steep drop on May 20, when the company announced the completion of a 13 billion-krone recapitalization that … Norway’s government said it … Cheap flights to Europe from New York, Boston, Los Angeles, San Francisco and Florida. Want an ad-free experience?Subscribe to Independent Premium. You could be flying on Wamos Air, Travel industry bosses demand progress and a fresh Brexit referendum, World biggest passenger flight is finally flying from London to NY, Norwegian Air launches new routes as Ryanair brands airline 'a dog'. Will Norwegian become a sister airline to British Airways? Book now! The company said: “The capacity was 93% lower than last year with a load factor of 55.3%. London (CNN Business) Norwegian Air is seeking protection from its creditors as it attempts to restructure its business and survive the coronavirus pandemic. Norwegian Air lays off 4,700 pilots and crew members, declares Swedish and Danish subsidiaries bankrupt Aviation24.be - 20 April 2020 2 Due to the ongoing spread of the Coronavirus (COVID-19) most countries have advised against or have banned non-essential travel. Will Singapore lockdown affect my flight connection? NurPhoto via Getty Images Following a chaotic few days for Norwegian Air including a … Norwegian Air has today proposed to convert debt to equity, offload planes and sell new shares in an attempt to survive the Covid-19 pandemic, which has brought the company to its knees. Norwegian has only survived to this point because of a drastic recapitalization process, but Schram previously said that new financial support is a … The company has opted for an Irish process as most of its planes are owned by subsidiaries registered in Ireland. Norwegian Air's formidable growth could be hit by engine trouble. Norwegian Air Shuttle initiates a reorganization process in Norway World Airline News 11:51 9-Dec-20 Norway court approves Norwegian Air reconstruction application Foreigner.fi 07:14 9-Dec-20 In the last 7 … ET by Tomi Kilgore You can fly to Europe for just $49 right now Norwegian Air expects compensation from Boeing for grounded 737 Max planes: report Mar. The air carrier has been heavily hit by the coronavirus pandemic, troubles that were still evident in its October traffic report.. Norwegian Air Shuttle ASA introduced a generation of travelers to $65 one-way transatlantic airfare and the idea of hopping from New York to the Caribbean, with wifi, for even less. The latest breaking news, ... Norwegian Air launches new routes as Ryanair brands airline 'a dog' News & Advice. Is Lufthansa making a bid for Norwegian Air? Norwegian Air said on Tuesday it is dependant on additional capital to continue to work in Q1 2021. Norwegian Air has cancelled a number of flights and reduced services in response to coronavirus outbreaks affecting bookings Norwegian launches huge sale on flights to … Norwegian was seen as a pioneer in low-fare transatlantic air travel but its rapid expansion left it with a debt pile of nearly $8bn leaving it vulnerable when … The impact on European airlines Air expects compensation from Boeing for grounded 737 grounded! 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