I think the presentation is fairly conservative considering the current turmoil as it assumes operations to start for next summer season (April 2021) rather than speculating with earlier starts which would have very low demand and even possible demanding restrictions (middle seat bans, tough airport regulations, etc...).
One important point is that, as expected, LH will remain an important part of norwegian, not only from a branding perspective, but also because becoming a nordic regional carrier as some have speculated, is simply not worth it with a project of this magnitude as Scandinavia doesn't have the market or the catchment area to justify such an investment.
Tough decision for the creditors and bondholders this coming Thursday, although after today´s presentation, I'm more confident that they will vote favourably and, along with State Aid, norwegian might be able to survive to become an important player next year with a reduced but fairly similar project as they had before Covid 19.