737Driv3r
Not quite, If you look at the list of creditors it is obvious NAS are not actually paying anything, merely accruing debts, only essential day to day costs are approved by the examiners as any use of funds potentially reduces money available in the case of liquidation.
If they survive they will initially keep to the Nordics as they owe so much money outside of Norway that forward payments would be needed and they cant afford that, perhaps after some time cash flow may allow further expansion but if you look at the current cash burn versus the investment proposal , they would still need significant revenues from pax to keep going more than 6 months.
If they sack the Spain crews they will automatically have another bundle to pay out and its easier to leave them as "employees" at effectively nil cost. The proposals make it crystal clear that only Scandi crews would get payments in the event of liquidation, LGW LH crews are an example of the shafting.
One has to take the Kjos hype with a large pinch of salt, if the "offering" is so attractive and "oversubscribed" why are shares falling like love sick angels.
BALPA and GAL don't expect a presence at Gatwick in the near future and remember NAS have no slots anymore.