I agree. HSBC writes for investors which might indeed get wiped out, therefore their piece has some logic. Norwegian will survive simply because driving 1500km across Norway in the winter is not an option and Norwegians want to be able to go catch some sun in Malaga every now and then. On top of that who wants their basic infrastructure in the hands of Ryanair? Norway needs Norwegian; they can afford to save it so they will even If they have to nationalise it. The LH structure from European capitals to the US I am not so sure. Given time, money and a permanent fix to the RR engine issue it could become quite profitable but I fear that right now none of those are available.