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Norwegian

Old 25th Mar 2020, 10:39
  #161 (permalink)  
 
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Originally Posted by slf001 View Post
Norwegian Air UK was actually formed in 2015, long before the Brexit vote. Their first aircraft B738 G-NRWY was registered in November 2015.
It was always operated on behalf of Norwegian Air International (Ireland) from early 2016.

When the UK registered 787s arrived in summer 2016, they initally operated on behalf on Norwegian Air Shuttle (Norway).
They started operating their own flights (with DI/NRS codes) in October 2017.

KT
G-NRWY was an AOC sitter (one registered aircraft required to maintain an AOC) for the NUK AOC, which was created once the U.K. government pledged to have the Brexit vote as part of the Election victory and Queens Speech in May 15. If the referendum result had been remain, this aircraft would’ve returned to the Irish register. Whilst the aircraft was operated under D8 flight numbers, the aircraft had dedicated routes and crew. Only NUK crew could operate on G-NRWY and couldn’t operate other aircraft in the fleet (and vice versa).

And thus, NUK was only created because of Brexit.
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Old 16th Apr 2020, 00:00
  #162 (permalink)  
 
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https://www.theguardian.com/business...alary-covid-19

NAS or in fact their UK company that employs Pilots & Cabin Crew not paying staff this month as lack of funds.
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Old 16th Apr 2020, 07:00
  #163 (permalink)  
 
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Originally Posted by GLAEDI View Post
https://www.theguardian.com/business...alary-covid-19

NAS or in fact their UK company that employs Pilots & Cabin Crew not paying staff this month as lack of funds.
Surely then the UK CAA now steps in and suspends the AOC as the company is not solvent?
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Old 16th Apr 2020, 07:26
  #164 (permalink)  
 
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Originally Posted by Atlantic Explorer View Post
Surely then the UK CAA now steps in and suspends the AOC as the company is not solvent?
Funny thing is that Norwegian is the only airline I got cash refund promptly for canceled flights. Still waiting from Easyjet, Ryanair and others.
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Old 16th Apr 2020, 08:09
  #165 (permalink)  
 
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"... a crew management company that directly employs Norwegian's UK crew and is half-owned by Norwegian."
Sounds complicated. How many fingers are there is the Norwegian pie? So many different Norwegian companies....
Over the past months the recently set up Norwegian Air Sweden has been receiving aircraft which were on the EI and LN registers. Is this a cost-cutting measure?
The Guardian article says the Norwegian government loan guarantee will only make £24m available to Norwegian - but is this to Norwegian as a whole or to the genuinely Norwegian part of the business? That sum won't help very much. I can't see the Norwegian government too keen to rescue a company which has been building its latest empire in Sweden.
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Old 18th Apr 2020, 07:10
  #166 (permalink)  
 
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It feels like Norwegian need nothing short of a miracle to get through this crisis. I think sadly they'll be the first significant casualty . They already were highly leveraged going into this.
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Old 18th Apr 2020, 08:17
  #167 (permalink)  
 
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Can somebody turn the ventilator off this failed airline to avoid more pain and misery later.
Surely now there are no passengers travelling it would be the ideal time to just call it a day.
this would avoid any type of rescue act as there are currently no or very few stranded passengers.
somebody should pull the Operating licence as this airline is turning into a circus act
I feel desperately sorry for the staff in this current climate, however from earlier this week they are not being paid. The current share price will be worthless very shortly. Norwegian had the chance of a takeover with IAG but valued themselves to highly, IAG walked away. Close them down now, unless they can show they are liquid and viable. Avoiding a disaster a few months down the line.
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Old 18th Apr 2020, 08:24
  #168 (permalink)  
 
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Surely these UK staff have all been furloughed. The problem being that this requires the Company to pay the wages upfront and the government refunds in arrears. But they don't have the cash to even do that.
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Old 18th Apr 2020, 08:48
  #169 (permalink)  
 
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Originally Posted by inOban View Post
Surely these UK staff have all been furloughed. The problem being that this requires the Company to pay the wages upfront and the government refunds in arrears. But they don't have the cash to even do that.
the Uk crew are agency staff. That's the complication
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Old 18th Apr 2020, 11:18
  #170 (permalink)  
 
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The earlier post said that they were directly employed by a crew management company, itself half owned by Norwegian. So I assumed that the said company had furloughed them.
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Old 19th Apr 2020, 07:44
  #171 (permalink)  
 
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According to Bloomberg, they are in debt to the tune of USD7.5bn. The entire company is currently valued at USD84m

I cannot see a way out for them even if their latest plan raises more funding.
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Old 20th Apr 2020, 06:34
  #172 (permalink)  
 
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Interesting article stating that *if* Norwegian do make it to the other end of this they will be in quite a strong position in terms of fuel costs as they have done very little hedging and the price of oil has of course plummeted.

https://www.forbes.com/sites/willhor...ankruptcy/amp/
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Old 20th Apr 2020, 07:26
  #173 (permalink)  
 
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So lots of ifs, buts and maybes - if they survive, if the market recovers, if oil stays low...
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Old 20th Apr 2020, 11:39
  #174 (permalink)  
 
Join Date: Feb 2005
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https://www.tnp.no/norway/economy/no...res-bankruptcy
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Old 20th Apr 2020, 12:11
  #175 (permalink)  
 
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https://www.travelweekly.co.uk/artic...are-bankruptcy
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Old 22nd Apr 2020, 16:35
  #176 (permalink)  
 
Join Date: Nov 2009
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Norwegian CEO has posted the following statement on LinkedIn:

"Yesterday was a dark day in our history and I feel personally really sorry for all the great Red Nose Warriors we have disappointed.

It is important for me to underline that we are still fighting like dogs and the extraordinary general meeting on the 4th of May is vital for our FINANCIAL RESTRUCTURE and to get access to the 3 bnok in liquidity from the Norwegian government.

At the same time we are constructing a stronger NEW NORWEGIAN that will continue after Covid-19. With this in place we will fight our way back so we can rehire the majority of our great colleagues that we lost yesterday.

At the end it is all about ensuring our customers and Red Nose Warriors that Norwegian will live after Covid-19 and that we can return proudly to the sky as in the picture."
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Old 22nd Apr 2020, 16:41
  #177 (permalink)  
 
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Is ‘Red Nose Warriors’ how they refer to those poor contractors as opposed to actual Norwegian employees?
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Old 28th Apr 2020, 11:32
  #178 (permalink)  
 
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From "Travel Mole":

Low-cost Norwegian Air is planning to keep most of its flights grounded until next spring, after which it plans to start ramping up its services for the peak summer season. However, in a presentation to bondholders on Thursday it will warn that it isn't expecting flights to get back to normal until 2022. As a result, the airline needs to secure a NOK 2.7 billion loan from the Norwegian government within the next three weeks to ensure it can survive until the end of this year. It has already received NOK 300 million, but it says it needs to restructure its debt to increase its capital to release the remainder of the NOK three billion (£230 million) government loan. If it succeeds, it said the money should tide it over until the end of the year, but it warned that it might need further funding.
Currently, 95% of the Norwegian's aircraft are grounded and thousands of workers are furloughed. As part of the new business plan, the carrier plans to only operate seven aircraft in the Scandinavian region until April 2021 to minimize its cash burn, and then gradually resume long-haul and European flights. Even by 2022, it expects to operate a maximum of 120 aircraft compared with 168 prior to the pandemic, focusing only on profitable routes.
It is proposing a debt restructuring plan that will give aircraft leasing companies that are owed more than $3 billion more than half the equity in the airline, while bondholders would control the second largest share. The proposal would leave existing owners of the stock with just 5.2% of the airline. Bondholders are scheduled to vote on the proposals on Thursday before a shareholder meeting set for May 4.
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Old 28th Apr 2020, 11:58
  #179 (permalink)  
 
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Remind me, how much was IAG prepared to offer?
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Old 28th Apr 2020, 16:47
  #180 (permalink)  
 
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Gatwick slots, use them or lose them. No more Norwegian at Gatwick then?
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