Written by John Ollila @ LoyaltyLobby
Norwegian, with a number of its subsidiaries, is currently in the form of bankruptcy protection in Ireland and other countries. The airline was heavily unprofitable before the pandemic hit due to the rapid expanse into long-haul transatlantic flying from several countries in Europe. The airline has now scrapped all long-haul plans and made employees working […]
Category: Norwegian
Norwegian Rewards Extends CashPoints By 6 Months (You Need To Take Action)
Written by John Ollila @ LoyaltyLobby
Norwegian, a Norway based airline currently in bankruptcy protection/reorganization in Ireland, sent out emails this weekend to its Norwegian Rewards loyalty program members. The loyalty program will extend points expiring at the end of 2020, but only by 6 months, and if you click the link on the email. You can access Norwegian here. Here’s […]
Norwegian Files For Examinership In Ireland (Bankruptcy Protection/Reorganization)
Written by John Ollila @ LoyaltyLobby
Today, Norwegian Air Shuttle entered in Irish Examinership (essentially bankruptcy protection for insolvent companies) in Ireland. Norwegian Air Shuttle, Norwegian Air International & Arctic Aviation Assets DAC (AAA), and some other subsidiaries are trying to reduce debt, renegotiate plane leases, and secure new capital during this process. You can access Norwegian here. Here’s the announcement […]
Aer Lingus approved to join Oneworld TATL joint venture
Written by Seth Miller @ Wandering Aramean
Aer Lingus received tentative approval from the US Department of Transportation on Monday to join the Transatlantic OneWorld Immunized Alliance joint venture. The ruling, pending final approval and a similar order from the UK’s Competition and Markets …
Aer Lingus approved to join Oneworld TATL joint venture
Written by Seth Miller @ PaxEx.Aero
Aer Lingus received tentative approval from the US Department of Transportation on Monday to join the Transatlantic OneWorld Immunized Alliance joint venture. The ruling, pending final approval and a similar order from the UK’s Competition and Markets …
Norwegian Suspends Passenger Refunds & Reports 1B NOK Loss For The Third Quarter
Written by John Ollila @ LoyaltyLobby
Norwegian Air Shuttle, a Norway based airline that averted bankruptcy earlier this year when debtors agreed to debt to equity swap, has reported third-quarter numbers that are 1B NOK (close to 100M euros) in red. The airline yesterday was denied further financial support from the Government of Norway, and the airline immediately stopped processing refunds […]
Norwegian Faces Uncertain Future – Government Refuses To Provide More Funds
Written by John Ollila @ LoyaltyLobby
Shares of Norwegian Air Shuttle stock crashed on Monday 20% to 5 cents each after the country’s government denied the airline’s request for more help. Norway’s government denied the cash request due to Norwegian Air Shuttle’s heavy debt load at 40B NOK even after restructuring this summer. The Government of Norway doesn’t see propping up […]
Norwegian Needs Equity Infusion
Written by John Ollila @ LoyaltyLobby
Norwegian this summer averted bankruptcy after its creditors agreed to debt to equity swap, essentially decimating existing shareholders. Aircraft lessors from Ireland and China became its most significant shareholders. Norwegian government provided the airline some liquidity through a guaranteed loan, but it is only enough to keep the airline afloat until early 2021. You can […]
DLD 299: Openings and closings
Written by Seth Miller @ Wandering Aramean
More openings than closings should be good news for lots in the industry, though things remain precarious on many fronts.
The post DLD 299: Openings and closings appeared first on Wandering Aramean.
DLD 299: Openings and closings
More openings than closings should be good news for lots in the industry, though things remain precarious on many fronts.
Read MoreCuring Catering Concerns: The Weekly Wrap–19 June 2020
Written by Seth Miller @ PaxEx.Aero
Can small changes to the catering process make the current inflight environment a bit safer and bring back some of the comforts passengers have previously enjoyed? We’re also talking about routes returning and new ideas to protect passengers in the cab…
Norwegian set to restart European services from 1 July
Written by Seth Miller @ Wandering Aramean
Norwegian is the latest airline to announce plans to put its planes back in the skies over Europe. The carrier will add several routes from its hubs in Stockholm, Oslo and Copenhagen as it seeks to meet growing passenger demand.
The post Norwegian set …
Norwegian set to restart European services from 1 July
Written by Seth Miller @ PaxEx.Aero
Norwegian is the latest airline to announce plans to put its planes back in the skies over Europe. The carrier will add several routes from its hubs in Stockholm, Oslo and Copenhagen as it seeks to meet growing passenger demand.
The post Norwegian set …
Norwegian Restarts Its European Operations On July 1, 2020
Written by John Ollila @ LoyaltyLobby
Norwegian, an airline that recently restructured its obligations (read more here, here, and here), made a surprise announcement today that they would begin flying European routes from Norway, Sweden, and Denmark on July 1. According to the plan that was presented to investors, the airline was going to fly only domestic Norwegian flights well into […]
American Airlines seeks buyouts of thousands of workers
Written by Seth Miller @ Wandering Aramean
Thousands of American Airlines employees face a difficult decision in the coming weeks. Federal payroll support funding is running out and some 17,000 employees must now decide if they’re willing to take a buy-out package from the company or risk being…
American Airlines seeks buyouts of thousands of workers
Written by Seth Miller @ PaxEx.Aero
Thousands of American Airlines employees face a difficult decision in the coming weeks. Federal payroll support funding is running out and some 17,000 employees must now decide if they’re willing to take a buy-out package from the company or risk being…
Norwegian Air Shuttle Completes Debt To Equity Conversion & Receives State Aid
Written by John Ollila @ LoyaltyLobby
Norwegian Air Shuttle has now completed its debt to equity swap and received a $271M rescue package from the Norwegian state. The airline was on-course to run out of cash by mid-May unless creditors agreed to the conversion. This was also a prerequisite qualifying for the government cash. China, through intermediates, has now become the […]
Norwegian Likely to Live to See Another Day… Which May Not Be Until Next Year
Written by CF @ Cranky Flier
As most everyone knows, Norwegian had been in bad shape long before this coronavirus crisis began. Things have naturally only gone downhill in the last couple months. If the airline’s survival was in doubt previously, you’d think now it would be near impossible. You’d be wrong. Norwegian keeps pulling rabbits …
Read MoreNorwegian Air May Survive For Now
Written by John Ollila @ LoyaltyLobby
Norwegian Air is having an extraordinary stockholder meeting in Oslo today where the current equity owners will be effectively wiped clean, and the bondholders will convert most of the old debt to equity and take over. The airline reached an agreement with the majority of bondholders but is still working to win over the leasing […]
Norwegian Runs Out Of Cash By Mid-May
Written by John Ollila @ LoyaltyLobby
Norwegian Air is in the process of trying to convince bondholders and aircraft lessors to convert $1.2B debt into equity. The airline is holding an extraordinary general meeting on Monday next week. The airline currently operates only 7 aircraft down from 147 and has 200 staff members. Norwegian stopped paying all but non-essential bills and […]