A very interesting theory but having done four airline bankruptcy’s I don’t see any of the usual indications of lack of liquidity in Norwegian.
Clearly mistakes have been made and multiple AOC ‘s might spread the financial risk but at the cost of interoperability , this problem is currently being addressed.
luck also plays a part and the problems with both the 737MAX & B787 engines have not helped Norwegan’s problems.
Looking forward it is the recruitment and training of crews to keep the fleet in the air when the 737MAX comes back and the 787 problems are sorted that will become the limiting factor in moving from a just about viable financial position to one of a highly profitable business.
The financial bond holders clearly see things the same way with bonds recently being extended for two years.