Originally Posted by
Paul737
You are misleading. I never said Norwegian will become a regional Nordic player. So far it has been only you who mentioned that. What I said is Norwegian will become a carrier that will look like SAS right now.
And is not about national sentiment. Itīs about money coming from Norwegian tax payers
One can always move up in the thread and see who posted what. My statements have always been in the same direction: it's simply not worth it to bail out norwegian if it's to remain only in the Nordics as a regional player (from Scandinavia to Europe and domestic) and so far I think it's fair to say that the presentation agrees with that.
And this is so simply because the debt it's so huge that it would be better to simply let it go bust and restart from scratch if that's what they wanted.
In regards to norwegian taxpayer's money, it would make sense what you're saying if indeed Norway would nationalise the airline like Italy has done with Alitalia. But right now that's not the case, although, again, it could very well be the case after bankruptcy precedings.
The presentation right now is designed to convince bondholders and creditors to swap almost $5 billion of debt into equity and later on May 4th to have their shareholders approve the swap.
And that plan, which is very difficult to achieve but maybe possible in this current mayhem, would only have Norway extending a very small line of credit (which must be paid back) of about $250 which is almost nothing (although precious right now) compared to the sacrifice of the creditors (in the billions) and the shareholders (which will be diluted to almost nothing, although still better than zero).
So Norway, right now, won't have much of a saying in this current plan. Later on, who knows. Anything can happen in liquidation, including having some Chinese investors or even RYR come over and pick up whatever pieces they see fit.