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Hard times for Norwegian

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Hard times for Norwegian

Old 29th May 2021, 20:47
  #1261 (permalink)  
Join Date: Mar 2006
Location: Not where I want to be
Age: 68
Posts: 260
shared reality

Wizz is out of Norway, tail between legs.
Ancient Mariner is offline  
Old 29th May 2021, 20:54
  #1262 (permalink)  
Join Date: Nov 2013
Location: Under a gooseberry bush
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Also heard an unconfirmed rumour that HEL and CPH were to be expanded after restructuring and, depending on position on MSL, surplus/furloughed crew from Spanish bases were potentially going to be relocated.
BWSBoy6 is offline  
Old 30th May 2021, 08:16
  #1263 (permalink)  
Join Date: Nov 2002
Location: Dublin
Posts: 652
Fish pie in the sky!

Unlikely any Spain crew will be driving anything until after Feb 2022 according to feedback to Unions.

Norwegian will plan on only operating minimal aircraft numbers until load factors increase,
"It is not expected that demand for short-haul travel in Europe will return to 2019 levels before 2023 or 2024 and so Norwegian will deploy capacity back into the market at a pace that matches this," the airline said in a statement.

The carrier is currently operating nine aircraft, mainly on Norwegian domestic routes.

Once travel restrictions lift, it plans to ramp up operations to a peak of approximately 50 short-haul aircraft in 2021 and approximately 70 short-haul aircraft in 2022,
The PBH agreement only lasts 10 months and therefore they need to preserve cash, now forecast only 30 plus airframes working until end of 2021unless demand picks up. Let's face it, we are half way through the year, 3/4 of the way through the summer season and bookings are 10% of where they should be for most airlines.
Kirks gusset is offline  
Old 21st Jun 2021, 15:09
  #1264 (permalink)  
Join Date: Aug 2007
Location: Ireland
Posts: 204
Schram CEO in Norwegian shown the door, but in contrast to all the others that had to go under his reign, he gets full pay for another 2 years.
vikingivesterled is offline  
Old 21st Jun 2021, 16:46
  #1265 (permalink)  
Join Date: Nov 2002
Location: Dublin
Posts: 652
That's the ticket! reward the hard work with a sacking, kind of sounds familiar! But.. making him work his notice until March .. that is just plain spiteful
Kirks gusset is offline  
Old 21st Jun 2021, 18:01
  #1266 (permalink)  
Join Date: Mar 2001
Location: I wouldn't know.
Posts: 4,403

That is absolutely normal. Pretty much all CEO contracts contain clauses that make sure that the pay for the full contract period has to be paid (including pension benefits) even if the CEO will be fired quite early. That can be, but does not necessarily have to be in conjunction with a non-compete clause. Had that experience in a previous company that had the habit of signing 5 year contracts with its CEOs and replacing them every 13 months on average... Cost them millions to do that, which did not really matter all that much as the company lost hundreds of millions each year anyway.
Denti is offline  
Old 30th Jun 2021, 07:14
  #1267 (permalink)  
Join Date: Nov 2000
Location: I wish I knew
Posts: 624
And UK Crews were not paid, Spanish Crews left in the lurch, but fat cats got fatter:

Avenger is offline  
Old 30th Jun 2021, 13:33
  #1268 (permalink)  
Join Date: Oct 2016
Location: Midlands
Posts: 28
“That shows poor judgement’ is one way of putting it. Theft would be another. How the heck do these people sleep at night is beyond me.
IcanCmyhousefromhere is offline  
Old 30th Jun 2021, 18:59
  #1269 (permalink)  
Join Date: Aug 2007
Location: Ireland
Posts: 204
Norwegian gave Schram and Karlsen share bonuses the day before they could legally do so according to the loan agreement with the Norwegian government. Then they physically paid out a 11 million retention bonus to Schram after he was sacked and out the door. And then their lawyers had the nerve to say that since Norwegian applied for reconstruction in December all legal agreements where off including the no bonuses one. The only contract agreement previous to the December reconstruction start that was seemingly to be followed was Schram's "getting the sack" bonus of 2 years pay = another 14 million Nkr.
This is what you get when shareholders loose all control and management install a week board and an even weaker chairman of it. Luckily he is sent packing to. And neither management nor board told no interested parties of any of these bonuses, including the 2 reconstruction adminstrators, government, old creditors or new shareholders. They where hoping to keep it a secret until it had to be disclosed in the annual results sometime next year.
vikingivesterled is offline  
Old 5th Jul 2021, 07:55
  #1270 (permalink)  
Join Date: Dec 2012
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Posts: 646
Norwegian it's simply a minor level company, with beginner's running it. Stay away from them
fulminn is offline  

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