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Hard times for Norwegian

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Hard times for Norwegian

Old 14th Oct 2020, 05:49
  #841 (permalink)  
Join Date: Nov 1998
Posts: 254
And the share price continues a slow burn to nothing.
aileron is offline  
Old 14th Oct 2020, 08:08
  #842 (permalink)  
Join Date: Mar 2019
Location: UK
Posts: 14
I’m surprised they have lasted this long in the current climate.
Thomas_Anderson is offline  
Old 15th Oct 2020, 20:53
  #843 (permalink)  
Join Date: Nov 2002
Location: Dublin
Posts: 553

The Norwegian Government needs to get off the fence.
Kirks gusset is offline  
Old 16th Oct 2020, 09:39
  #844 (permalink)  
Join Date: May 2006
Location: Italy
Posts: 241
Don't get me wrong, I have all the sympathy in the world for the crew who find themselves in this predicament by no fault of their own.


Generally speaking, do you think governments should bail out financially irresponsible companies at the expense of more prudent ones? Maybe it's time for the market to adjust to a new reality and for some of the "unhealthy" over capacity to go away.
SmokeAndNoise is online now  
Old 16th Oct 2020, 14:54
  #845 (permalink)  
Join Date: Dec 2014
Location: Uk
Posts: 120
Youd have to define where you draw that line . Free market economy and all that . Risk often leads to reward .

Personally Id rather see a couple of the companies that treat their crews like 1880s workhouse inhabitants disappear .
Meester proach is offline  
Old 16th Oct 2020, 16:23
  #846 (permalink)  
Join Date: May 2006
Location: Italy
Posts: 241
Risk leads to reward - or defeat. Otherwise it isn't risk. Question here is; whose defeat? The company that took the risk or someone else? There isn't enough chairs for everyone in the current market.

...so whilst I agree with your statement above, state aid to Norwegian would not achieve this goal. Proper regulation and governance would.

Personally I think the most sensible solution would be for Norwegian to make its own destiny. If required, the various States where Norwegian crew were paying their taxes, should pay salaries and recency training until such time the crews are able to find employment again. Hopefully with financially responsible, decent airlines...
SmokeAndNoise is online now  
Old 16th Oct 2020, 18:02
  #847 (permalink)  
Join Date: Dec 2014
Location: Uk
Posts: 120
Well maybe the government in Norway, seems a lot of these routes socially important and steps in cover those....and the aircraft lessors who have a bucket load of 78s idle, bail out the LH restart ?

There’s ways it could still flourish , if handled carefully
Meester proach is offline  
Old 16th Oct 2020, 21:36
  #848 (permalink)  
Join Date: Apr 2020
Location: Rhones-Alpes
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Why should they receive much more favourable treatment than waiters, hairdressers, salesmen, fitness-trainers ? I see no reason at all.
Tartiflette Fan is offline  
Old 17th Oct 2020, 08:49
  #849 (permalink)  
Join Date: Nov 2002
Location: Dublin
Posts: 553
Norwegian Air has confirmed plans to slash its long-haul fleet of Boeing 787 aircraft which form the basis of the carrier’s base at London Gatwick.

Geir Karlsen, Norwegian Air chief financial officer, said: “We have too many long-haul aircraft. We are working to reduce the number.”
Norwegian chief financial officer Geir Karlsen says. ”When it comes to the 787s, that is a difficult task – at least in this market – to divest as many as 15, 16, 17 of them.”
The carrier operates 37 Dreamliners – 26 of which are leased. That adds a further complication to the situation as Norwegian’s lessors are now equity holders in the airline following the debt-for-equity restructuring in May which paved the way for the carrier’s survival.

“We are discussing already alternatives with these [lessors] where we have to find a solution to take down the capacity on long-haul,” says Karlsen. “It’s not going to be easy, it’s a very different market compared to the short-haul market with regards to liquidity and how easy it is to divest, but we need to find a solution.”
11 Airframes which are not leased, less 2 just sold:


That only leaves 9 airframes to deal with as the "leased" ones are basically costing them nothing, other than maintenance, which is being accrued as a debt.

Looks like the USA routes from LGW are no longer starting Dec 9th, most/all now appear mid March 2021, which strangely is in line with the original rescue plan.

Last edited by Kirks gusset; 20th Oct 2020 at 18:30.
Kirks gusset is offline  

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