Originally Posted by
737 Jockey
All staff are employed on local contracts with terms and conditions for the country in which they’re based. Therefore, respective Government Covid 19 assistance is applicable i.e. here in the U.K. JRS for LGW based employees etc. There is no extra burden for Norway in that respect.
I was not talking about support for individual crew members. I'm talking about the parts of the company that are not near Norway, with production outside Norway and with no Norwegian citizens as staff.
This is a real mess. The Norwegian oil fund is the biggest owner in Norwegian. If the company manages to get their debt exchanged for stocks, the stock price will drop like a rock, and the fund will get a huge loss. That on top of the 3 billion NOK the Norwegian government has promised. If they want to maintain their share of the ownership, they have to feed more money into the company. In return they get a big ?. If this was a company with a solid foundation before corona, that would maybe be a risk worth taking. It was not, and it is now a big gamble if they will get any value for their money. Both in terms of the future of the company and 0 income from those parts (most of the company) based outside of Norway.
I bet a lot of those holding Norwegians loans are thinking like this: Cut our losses and get out, or gamble on CPR working on a half rotten body.
It will take time to get over corona, and chances are it will take even more money to keep them alive.
What they are trying to do is convert debt to shares so they can take up more debt. My bank would kick me out if I suggested anything like that.