Hard times for Norwegian
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For that the nomination of Anton Joiner of Aer Cap for the board and Aengus Kelly for the nomination committee are more interesting. Plus the reduction from 3 to 2 weeks of calling EGM's. Expect more sudden changes but I'm surprised other lessors don't also want representing on the board. That could signal a quick sell off. Share price certainly down today when over 250 million of the new shares became sellable.
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Norwegian has clearly stated that they are not planning to restart flying their longhaul ops this and next year. The leasing companies took a haircut and accepted equity in lieu of outstanding payments. The first batch of 788s they have are heavily reworked from the first troublesome batch, and the entire 787 fleet is badly hit by the engine fix. Hardly an asset that a leasing company can switch over to a green shoot (if any exist). They are cutting crews becuase they know things are going to be rough for quite a while. The state aid from Norway had quite a few caveats so the lay offs have to be someplace else. Just before covid hit they had already scrapped all longhual ops from the scandic countries. They simply don't have any money to keep a few hundred pilots current.
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Ramping up short haul would fall in line with what others are currently doing, albeit at reduced rotations and about 30% capacity. The real issue NAS has is cash flow and if the US class action goes ahead once again they could be stuffed.
Any thoughts of long haul are frankly pie in the sky, but a realistic stab at short haul into Europe would certainly ease the pain, and hopefully see ex pilots returned to duties. One assumes the "direct employment on flexible terms" comes into effect as per the bail out agreement
Norwegian Air Sued in U.S. Over Unpaid Refunds Bursor & Fisher, a New York-based law firm, is leading a class-action lawsuit against Norwegian Air Shuttle over its actions to refund customers whose flights have been canceled due to the , butCOVID-19 pandemic. It is estimated that Norway’s largest airline owes customers a total of between $200 million and $400 million, reported Norway-based media outlet Bergens Tidende.
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According to the annual report released on June 9, if the pandemic continues to force Norwegian into hibernation, the company estimates that it will need approximately $235 million financial aid during the second quarter of 2020f It seems that Europe’s fourth-largest low-cost carrier will completely discontinue the long-haul flights that sank the company into debt
Of course the leaseholders want to see some utilisation but the deal struck converted them to PBH and with dormant crews a lot more cash is needed to kick start the LH ops again.
They are not the only ones in this situation and at least have a possible revenue stream from SH
Of course the leaseholders want to see some utilisation but the deal struck converted them to PBH and with dormant crews a lot more cash is needed to kick start the LH ops again.
They are not the only ones in this situation and at least have a possible revenue stream from SH
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As they move 787 to Oslo for storage they announced they will start "international flights" on 737:
According to the press release they are not planning on fights to central Europe at this time.
OSLO, June 16 (Reuters) - Norwegian Air will resume flights between Copenhagen and the Danish city of Aalborg from July 1, making it the carrier’s first route outside Norway following the outbreak of the COVID-19 pandemic, it said in a statement on Tuesday.
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Problem is supply and demand. You have to fly first before passengers book. MoL can afford to fly with a loss to start up routes and boost passenger confidence. Easy probably as well. Network carriers use cargo to cover some cost to restart routes. Wonder what Norwegian business plan is.
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As you would expect, all dates in June are unavailable on the Norwegian.com website but, not sure if it’s a glitch, but it appears there are flights available to book from July.
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More than 300 pilots and 600 cabin crew from the company’s bases in Norway will operate 20 aircraft, with about 200 pilots and 400 cabin crew being brought back from layoffs, the budget carrier said.
What about the UK and Spanish Crews? will they get a shot at "direct employment"
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In the case of Spanish crews, this is to be decided in court probably at the end of the summer. Having said that, a favorable sentence of "direct employment" as you called it, would only mean that norwegian is liable for the expenses associated to redundancy packages and not necessarily that they're going to keep the crew. It's just that it won't be for free.
What's important right now is that norwegian remains alive and that it's able to ramp up slowly but surely. For this small increase in the summer, only crews from Norway will be brought back to work, which is a little start.
What's important right now is that norwegian remains alive and that it's able to ramp up slowly but surely. For this small increase in the summer, only crews from Norway will be brought back to work, which is a little start.
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It is amusing reading here sometimes.
So many people who all believe they know how Norwegian should have been run in the past or going forward.
Not enough misery at your own airlines to worry about?
Why all the speculation that Norwegian will need plenty of B737 and B787 pilots to start up again and that there are not enough
aspiring pilots or experienced pilots from the middle east to make that happen.
Are you all oblivious to the fact that many if not all of their current pilots and recently laid off pilots (many of whom are still current with LPC and OPC)
are available to fly again. Especially since they have not gone elsewhere in the current climate.
Why would they be struggling to find people and typerate them or do difference courses for other pilots when they have a ready supply.
Are you suggesting that they should not re hire their old staff, and why should´t they? Because some guys are prepared perhaps to snatch up
the jobs by undercutting salaries? If you are prepared to go down that road, then at least you already know what kind of airline you have joined.
Seeing how many pilots will be available in the market after corona I would not be surprised if many of the guys who have blamed Norwegian
for everything that is wrong with the industry are prepared to join ahead of laid off pilots just to save their own ass.
Reading some of the comments makes it sound as if Norwegian are trying to start a long haul operation from scratch.
So many people who all believe they know how Norwegian should have been run in the past or going forward.
Not enough misery at your own airlines to worry about?
Why all the speculation that Norwegian will need plenty of B737 and B787 pilots to start up again and that there are not enough
aspiring pilots or experienced pilots from the middle east to make that happen.
Are you all oblivious to the fact that many if not all of their current pilots and recently laid off pilots (many of whom are still current with LPC and OPC)
are available to fly again. Especially since they have not gone elsewhere in the current climate.
Why would they be struggling to find people and typerate them or do difference courses for other pilots when they have a ready supply.
Are you suggesting that they should not re hire their old staff, and why should´t they? Because some guys are prepared perhaps to snatch up
the jobs by undercutting salaries? If you are prepared to go down that road, then at least you already know what kind of airline you have joined.
Seeing how many pilots will be available in the market after corona I would not be surprised if many of the guys who have blamed Norwegian
for everything that is wrong with the industry are prepared to join ahead of laid off pilots just to save their own ass.
Reading some of the comments makes it sound as if Norwegian are trying to start a long haul operation from scratch.