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. Will Singapore lockdown affect my flight connection? 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. The company did not specify how many planes it aimed to sell. Is British Airways gearing up to take over Norwegian Air? 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 ⦠The embattled carrier Norwegian Air, one of the biggest airlines at Gatwick airport, will proceed with its rescue plan and unlock government aid ⦠Can British Airways owner IAG fly off with Norwegian Air? 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. The company underwent a smaller debt restructuring and refinancing in May, securing Norwegian state loan guarantees worth 3 billion Norwegian crowns and converting parts of its debt from leasing corporations such as Aercap and BOC Aviation. Norwegian Airâs rally followed a steep drop on May 20, when the company announced the completion of a 13 billion-krone recapitalization that ⦠Norwegian has only survived to this point because of a drastic recapitalization process, but Schram previously said that new financial support is a ⦠Norwegian offers cheap flights worldwide. 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 ⦠NurPhoto via Getty Images Following a chaotic few days for Norwegian Air including a ⦠RTà is not responsible for the content of external internet sites. Is Lufthansa making a bid for Norwegian Air? 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. Shares in Norwegian Air Shuttle NAS, -16.77% plunged almost 20% on Monday, after the cash-strapped carrier warned it was facing a âvery uncertainâ future. 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. 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. 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In October, 319,477 customers flew with Norwegian, a decrease ⦠Norwegian blames £140m loss on fuel, competition and engine problems, Norwegian flight turns back to Stockholm after bomb threat, BA owner IAG says deal with rival Norwegian won't fly, Ryanair profits warning due to âlower than expectedâ winter fares, Gatwick back to near-normal after three days of chaos, Open skies: Not all aviation liberalisation deals are equal, Airline flies passengers to Singapore â but leaves baggage in London, British Airways in âTrump bumpâ with flights to new US destinations, Edinburgh and Belfast lose budget American air links, Flying Norwegian to JFK soon? It did not say how much debt it wanted to convert. 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 ⦠Norway's government rejected the airline's plea for another injection of state funds last month. Nov. 18 (UPI) -- Low-cost airline Norwegian Air filed for bankruptcy Wednesday in Ireland citing financial instability due to the COVID-19 pandemic. 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. London (CNN Business) Norwegian Air is seeking protection from its creditors as it attempts to restructure its business and survive the coronavirus pandemic. After a turbulent few weeks, Norwegian has a completely new set of owners. Norwegian Air Shuttle issued this report: Norwegianâs traffic figures for October are heavily influenced by lower demand caused by continued travel restrictions across Europe, with several new red zones. What are the implications for passengers on the Boeing 737 MAX? 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. The budget carrier said in ⦠Norwegian Air expects compensation from Boeing for grounded 737 Max planes: report Mar. Large aircraft leasing companies that have unwillingly become large shareholders in Norwegian made it clear they wouldnât oppose a bankruptcy protection order, in the hopes Norwegian can restructure its operations, slim ⦠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. Norwegian Air was founded in 1993 but began a rapid expansion nearly a decade ago, seeking to apply the business model pioneered by Ryanair in Europe and Southwest in the United ⦠Meáin Náisiúnta SeirbhÃse Poiblà na hÃireann. 13, 2019 at 7:51 a.m. Ex-Norwegian Air Shuttle investor to launch new Norwegian carrier Share this news A new airline should become a strong operator of Norwayâs domestic routes as well as direct flight operations in Europe, according to a press release on October 7, 2020. Boeing 737 Max grounded: What is the impact on European airlines? The air carrier has been heavily hit by the coronavirus pandemic, troubles that were still evident in its October traffic report.. Business news service E24 reported Monday evening that the bankruptcy protection means creditors canât demand payment or declare the airline bankrupt themselves. After growing rapidly to become Europe's third-largest low-cost airline and the biggest foreign carrier serving New York, Norwegian's debt and liabilities stood at 66.8 billion crowns ($7.4 billion) at the end of September. 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. The company has opted for an Irish process as most of its planes are owned by subsidiaries registered in Ireland. 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 ⦠Cheap flights to your next European trip. © RTà 2020. Norwegian on brink of collapse and faces 'uncertain future' as financial support withdrawn NORWEGIAN appears to be on the brink of collapse after the ⦠Low-cost carrier Norwegian Air doesnât expect to resume long-haul international flights until summer 2021. Will Norwegian become a sister airline to British Airways? 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! Norwegian airline on brink as government in Oslo rejects extra funding, Ryanair could be âlast person standing,â says boss. 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. 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'. Book flights through our low fare calendar to your favourite destinations. Book your next flight to Europe with Norwegian. Norwegian Air's formidable growth could be hit by engine trouble. ET by Tomi Kilgore You can fly to Europe for just $49 right now News & Advice. Cheap flights to Europe from New York, Boston, Los Angeles, San Francisco and Florida. 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 âin the interest of its stakeholders.â The company said: âThe capacity was 93% lower than last year with a load factor of 55.3%. "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. 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. The company said a day after it was at risk of having to halt operations in early 2021 unless it got access to more cash. A hearing at the High Court here, during which Norwegian will seek bankruptcy protection - called "examinership" in Ireland - is scheduled for Monday. 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. 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Is Lufthansa making a bid for Norwegian Air? Want an ad-free experience?Subscribe to Independent Premium. Photo: Jonathan Nackstrand/AFP via Getty. Norwegian Air has recently applied for bankruptcy protection in the Irish High Court. 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 latest breaking news, ... Norwegian Air launches new routes as Ryanair brands airline 'a dog' News & Advice. 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. Norwayâs government said it ⦠RTÃ.ie is the website of Raidió TeilifÃs Ãireann, Ireland's National Public Service Media. Book now! Norwegian Air said on Tuesday it is dependant on additional capital to continue to work in Q1 2021. 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