Grounded Norwegian planes at Stockholm’s Arlanda airport.s one of Norway’s greatest exports, A-ha, put it, in their classic 1980s hit Take on Me, it’s no better to be safe than sorry. A new vote among bondholders will be scheduled for May 18, the airline said. Norwegian Air Shuttle is in the fight for its life, with the CEO writing an open letter on LinkedIn yesterday addressed to all airline supporters and employees. 75 comments for “ Alitalia, Lufthansa, Condor, Norwegian, Other European Airlines Try to Survive, But it Gets Complicated ” antoine Jun 21, 2020 at 10:23 am News. We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services. It has put payments for ground handling, debt and leases on hold.Got a confidential news tip? Data is a real-time snapshot *Data is delayed at least 15 minutes. First, the bondholders, who are being asked to take equity in the airline instead of ever seeing their money repaid, and whose foot-dragging past deadlines on Friday suggested little appetite for playing along.Second, the aircraft lessors, who have in theory until Sunday night to decide whether to accept an even less alluring proposition. ... 2020. With half an eye on transatlantic links and another on a booming short-haul operation, Norwegian became a dizzying array of subsidiaries whose complexity could not disguise the fact that it was heading for financial disaster.Although Norwegian had started to streamline and argues that it was on its way back from the brink prior to coronavirus, the pandemic may yet allow it to unexpectedly survive. Feb 13: Norwegian says it will make deeper capacity cuts in 2020 than previously announced as it aims to return to profit after three consecutive years … Norwegian Air's July traffic down 90% year on year Thursday, August 06, 2020 2:33 a.m. EDT by Thomson Reuters FILE PHOTO: Norwegian Air Sweden Boeing 737-800 plane SE-RRJ approaches Riga International Airport in Riga, Latvia January 17, 2020. Unfortunately, we were not able to reach an agreement within the deadline," CEO Jacob Schram said.
Mar 12 2020.
Do they want to trade $500m of aircraft payments to own a chunk of an airline? In 2019, the airline became the biggest foreign operator in New York City, coming ahead of competitors such as Air Canada or British Airways, as announced on March 2, 2020. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.Norwegian Air Shuttle Boeing 737-800 aircraft with registration LN-DYE as seen with passengers boarding on the airplane for departure at Ålesund Airport, Vigra AES ENAL in Møre og Romsdal county, Norway. Three groups have to decide just how palatable the scraps on offer are. OSLO (Reuters) - Norwegian Air's (OL: NORR) July passenger volume fell by 90.4% from a year earlier as most of its fleet remained grounded due to the coronavirus pandemic, it said on Thursday. It involves swapping up to $1.2 billion of debt into equity and hands over most of the ownership of the company to lessors and bondholders.Holders of three of the company's four bonds gave sufficient support to approve the plan, but support among holders of the fourth bond fell short of the minimum requirement, Norwegian Air said on Friday.In all, 62% of holders of that fourth bond, the NAS07, voted in favor, less than the 67% required. They’re requesting an extension for these two bonds to November 2021 and February 2022, and in exchange they’re offering a security package consisting of a pledge over all shares in Norwegian Air Norway. We are continually monitoring and following the guidance issued by the World Health Organisation (WHO) and the immigration authorities in the destinations we fly to. For these firms, who own the tangible, flying, metal-and-carbon-fibre assets instead of mere paper, the swap is not exactly tempting. "However, the discussion is continuing through the weekend to find a solution. The airline has said it plans to raise 400 million crowns.Currently Norwegian Air is only paying invoices vital to maintaining minimum operations, such as salaries for staff still employed and critical IT infrastructure. "Bondholders were set to start a meeting at 1400 GMT on Thursday to vote on the airline's debt-to-equity plan, the first major test of its rescue efforts amid the coronavirus outbreak.But the airline sent a revised offer at 1359 GMT, calling it final, and pushed back the deadline to accept to 2100 GMT.Norwegian Air grew rapidly in the last decade to become Europe's third-largest low-cost airline and the biggest foreign carrier serving New York and other major U.S. cities, but it also accumulated debt and liabilities of nearly $8 billion.Before the new coronavirus outbreak all but shut down air traffic due to government-imposed travel restrictions, the airline had taken steps to cut costs and routes, aiming to make a full-year profit for the first time in four years.If the debt-to-equity plan is successful, it would allow the carrier to tap government guarantees of up to 2.7 billion Norwegian crowns ($261 million), which hinge on a reduction in its ratio of debt to equity, on top of 300 million crowns it has already received.Norwegian Air warned on April 27 that an alternative route for the airline, of bankruptcy proceedings in Norway, would destroy much of the value left in the company and leave most creditors unlikely recover much of their claims.Among other things, Norwegian Air proposed in its revised offer to give bondholders the right to receive preferred allocations should it launch a public equity offering, and a shortened lock-up time before any shares received in the conversion can be sold.It said it had received "strong support" from lessors, another crucial step to ensure the airline's survival, for a conversion to equity of $550 million that would satisfy the conditions set out in the proposal to the bondholders.The airline said it would go ahead with an extraordinary general meeting on Monday.It said it would decide on Monday the timeline for the launch of a share issue, which will end on May 18. The pair wisely exited the scene last year after an extraordinary ride during which they turned Norwegian from a small local carrier into a global pioneer of low-cost, long-haul air travel, and eventually established bases all around Europe.
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