Search Results for: Norwegian Air

Norwegian Air may cut winter flights

Long-troubled Norwegian Air reported another large operating loss this week but also a new plan aimed at keeping it from having to ask shareholders for even more capital. It may anger passengers holding reservations this winter. New CEO Geir Karlsen aims to head off more losses by cutting flights when demand is low. Staffing of […]

Government scolds Norwegian Air

NEWS ANALYSIS: Bad news keeps flying around Norwegian Air, just as it’s trying to get off the ground. Customers still awaiting refunds for cancelled flights last year are furious over large bonuses paid to top executives that were agreed even while the airline was still in bankruptcy proceedings. Now the airline can also avoid paying […]

Bonuses spoil the ‘New Norwegian Air’s’ take-off

NEWS ANALYSIS: Long-troubled Norwegian Air’s plans for a triumphant return to the skies landed in an embarrassing mess this week. Large bonuses secretly paid out last month to the airline’s two top executives have severely damaged their credibility and angered Norwegian’s new investors, its long-suffering employees and the politicians who helped rescue the airline that […]

More turbulence at Norwegian Air

Less than a month after emerging from bankruptcy and being cleared for a fresh take-off, the new board of long-struggling Norwegian Air decided to dump the airline’s chief executive, Jacob Schram, late Sunday night. On Monday morning Schram had already been replaced by his right-hand man, the airline’s finance director Geir Karlsen. It was the […]

Norwegian Air’s founder flies again

Bjørn Kjos seems to have picked himself up, dusted himself off and found a way to take off again, even as the airline he founded remains under bankruptcy court administration. The former Norwegian Air boss may now even profit on the remnants of his former airline’s low-fare intercontinental service, which left Norwegian Air deeply troubled […]

Norwegian Air’s owners approve crisis plan

Shareholders in Norwegian Air voted in favour of management’s plans to raise another NOK 4 billion in the form of new shares, even though it will greatly dilute their own holdings. Management’s crisis plan, which involves a major restructuring of the airline aimed at ensuring its survival, was also approved. Norwegian’s CEO Jacob Schram called […]

Norwegian Air wins breathing room

An Irish court granted bankruptcy protection to struggling Norwegian Air’s Irish subsidiaries on Monday. The decision also temporarily protects the airline’s Oslo-based parent company from creditor claims, giving it some badly needed breathing room in the battle to save it from permanent grounding.  Business news service E24 reported Monday evening that the bankruptcy protection means […]

Norwegian Air files for reorganization

Crisis-hit Norwegian Air launched a bankruptcy process on Wednesday, filing for protection from creditors in Ireland where some of its main subsidiaries are based. The deeply troubled airline aims to reorganize and maintain at least some of its operations in the meantime, with most already scaled way back because of the Corona virus crisis. Norwegian […]

No bailout for Norwegian Air

Norwegian Air was back on the brink of bankruptcy Monday after the Norwegian government refused the ailing airline’s latest demand for financial aid. The risk of losing billions of taxpayers’ money by providing liquidity specifically to Norwegian was deemed as just too high this time, since the airline already has NOK 40 billion in debt. […]

Norwegian Air needs more crisis aid

Crisis-plagued Norwegian Air has become the latest to report crippling losses, and ask for even more emergency state financial aid than it’s already received. Norwegian’s CEO Jacob Schram says extra help is needed to get it through the winter. The airline, still mostly grounded by the Corona crisis, lost nearly NOK 5 billion in the […]