Hard times for Norwegian
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The invitation to apply for CPH/HEL clearly states that all pilots are welcome to apply but must have a B737 rating even if expired.
Going back to the issue of direct employment, there is nobody employed directly by the mother ship but by fully owned subsidiaries. This enabled the company to bankrupt these subsidiaries in the countries where the cuts were made, and there was no preferential treatment for Scan based crews, neither the ARN nor the CPH based pilots received a single penny from the company, and had it been decided to bankrupt PSN, not even the Norway based pilots would have seen any money. As it stands at the moment, the only pilots employed are in Norway and Spain, and the dynamics of this situation have been covered here in detail.
Going back to the issue of direct employment, there is nobody employed directly by the mother ship but by fully owned subsidiaries. This enabled the company to bankrupt these subsidiaries in the countries where the cuts were made, and there was no preferential treatment for Scan based crews, neither the ARN nor the CPH based pilots received a single penny from the company, and had it been decided to bankrupt PSN, not even the Norway based pilots would have seen any money. As it stands at the moment, the only pilots employed are in Norway and Spain, and the dynamics of this situation have been covered here in detail.
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I am afraid it never was a good place to work as a start up and this has continued throughout its limited history. Cash rich at one phase agreed, but... 'everything is worth nothing'
as they say in the boardrooms.
as they say in the boardrooms.
The old jobs have vanished into thin covid-infested air. HEL and CPH are regarded as new bases that everyone on the MSL can bid for, according to seniority. Seems reasonable.
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You guys have been watching too much Harry Potter and smoking weed! What viewers have to realise is the whole Norwegian thing is a cleverly planned hype. Today the new share allotment was "heavily oversubscribed" pushing shares up 15% .. Look at Oslo Bors to see who bought them.. its no different to rock bands buying their own concert tickets to get the payback on the sales over 50% then dumping the tickets with a broker.. Sadly the Spain crews, and I know a few, are being played again with promises of jobs later, job shares, etc etc. When ERTE finishes the true colours will start to show.. Red Nose Warriors my word, whatever next!
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Capital raise scheduled to last two weeks, oversubscribed in 30 minutes. New cornerstone investors and owners :
Norwegian pension fund
John Fredriksen
DNB
Nordea
Sundt family
Norwegian pension fund
John Fredriksen
DNB
Nordea
Sundt family
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737Driv3r
The point being that NAS didn't have to pay any wages during the ERTE period and when the negotiations are over and ERE kicks in NAS won't have the money to meet the obligations, and once again the Spanish government systems will have to kick in to pay the settlements. According to Spanish laws, once collective dismissal starts within 6 months of commencing operations again, NAS may also have to refund the social security contributions they were exempt from plus a 20% charge, There is no provision in their examinership plan for any of this.
It just seems awfully wrong that the bases are being kept open without the commitment to keep employees on until/ if things pick up.
The very minimum they could do is retain enough staff to crew the projected 6 airframes for 2022, especially as they are boasting about cash reserves and proactively recruiting abroad.
European travel is opening up and it appears the lessons of the past went out of the window.
The point being that NAS didn't have to pay any wages during the ERTE period and when the negotiations are over and ERE kicks in NAS won't have the money to meet the obligations, and once again the Spanish government systems will have to kick in to pay the settlements. According to Spanish laws, once collective dismissal starts within 6 months of commencing operations again, NAS may also have to refund the social security contributions they were exempt from plus a 20% charge, There is no provision in their examinership plan for any of this.
It just seems awfully wrong that the bases are being kept open without the commitment to keep employees on until/ if things pick up.
The very minimum they could do is retain enough staff to crew the projected 6 airframes for 2022, especially as they are boasting about cash reserves and proactively recruiting abroad.
European travel is opening up and it appears the lessons of the past went out of the window.
Last edited by Avenger; 8th May 2021 at 10:05.
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Looks like a strong presence in the Nordics going forward.
The 18 max already delivered haven't moved an inch, would fit in nicely with the forecasted 52 aircraft going active this year(52 plus 18) = 70 for 2022..
https://www.norwegian.no/globalasset...6-may-2021.pdf
The 18 max already delivered haven't moved an inch, would fit in nicely with the forecasted 52 aircraft going active this year(52 plus 18) = 70 for 2022..
https://www.norwegian.no/globalasset...6-may-2021.pdf
Last edited by directmisbi; 8th May 2021 at 11:13.
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Interesting link, especially the section on risks:
Euro charges, (they are likely to need a bond/deposit as they still owe significant amounts)
Tax liabilities ( court case 20th May)
Ownership breaches of EU/ EEC laws for shareholders
Tax penalties for under stated profits ( mainly from wooden dollar/ inter company juggling)
Bullish shares being sold for quick gain,
Credit card companies holding deposits longer/ larger ( likely in view of failed refunds that exist now)
Airport handling/ charges ( no credit extended )
On the one hand it is good these items are considered, on the other any one of them could severely impact future operations and cause collapse V2
Euro charges, (they are likely to need a bond/deposit as they still owe significant amounts)
Tax liabilities ( court case 20th May)
Ownership breaches of EU/ EEC laws for shareholders
Tax penalties for under stated profits ( mainly from wooden dollar/ inter company juggling)
Bullish shares being sold for quick gain,
Credit card companies holding deposits longer/ larger ( likely in view of failed refunds that exist now)
Airport handling/ charges ( no credit extended )
On the one hand it is good these items are considered, on the other any one of them could severely impact future operations and cause collapse V2
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Of all the Nations you don't want to upset!
https://www.aviation24.be/airlines/n...or-two-months/
Shares fell today in line with profit taking nearly 50%
https://www.aviation24.be/airlines/n...or-two-months/
Shares fell today in line with profit taking nearly 50%
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I feel for all the NAS staff suffering this continuing difficult period. I work for AF and have barely held on to my job. I know we are (used to be be) competitors at JFK but you all have been miserably treated. Wishing blue skies to y'all moving forward.
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It's interesting to see the current "insiders" are subscribing to the new share offering, the CEO will get £300K worth, as always the devils in the detail. No speculation here then !The following primary insiders of the Company, including their close associates,
have subscribed for shares in the Rights Issue and the Private Placement at the
offer price of NOK 6.26 per share as follows:
Jacob Schram, CEO, has subscribed for 10,500 offer shares in the Rights Issue
based on subscription rights granted and 559,105 additional offer shares in the
Private Placement for a total amount of NOK 3,565,727.
Geir Karlsen, CFO, has subscribed for 7,500 offer shares in the Rights Issue
based on subscription rights granted and 638,978 additional offer shares in the
Private Placement for a total amount of NOK 4,046,952.
Andrew Hodges, EVP Network, Pricing & Optimisation, has subscribed for 100,000
offer shares in the Private Placement for a total amount of NOK 626,000.
Christoffer Sundby, EVP Marketing, Sales & Customer Care, has subscribed for
335,943 offer shares in the Private Placement for a total amount of NOK
2,103,003.
Tor Arne Fosser, EVP Products & Digital Development, has subscribed for 95,847
offer shares in the Private Placement for a total amount of NOK 600,002.
Knut Olav Irgens Høeg, EVP IT & Business Services, has subscribed for 138 offer
shares in the Rights Issue based on subscription rights granted and 239,617
additional offer shares in the Private Placement for a total amount of NOK
1,500,866.
Johan Gauermann, Interim EVP Operations, has subscribed for 236,157 offer shares
in the Private Placement for a total amount of NOK 1,478,343.
Anne-Sissel Skånvik, EVP Communications & Public Affairs, has subscribed for 57
offer shares in the Rights Issue based on subscription rights granted and 50,000
additional offer shares in the Private Placement for a total amount of NOK
313,357.
Guro Halvorsen Poulsen, EVP People, has subscribed for 236,805 offer shares in
the Private Placement for a total amount of NOK 1,482,399.
Endre Hermansen, CEO Adviser, has subscribed for 69,888 offer shares in the
Private Placement for a total amount of NOK 437,499.
Esben Tuman, SVP External Communications, has subscribed for 15,974 offer shares
in the Private Placement for a total amount of NOK 99,997.
have subscribed for shares in the Rights Issue and the Private Placement at the
offer price of NOK 6.26 per share as follows:
Jacob Schram, CEO, has subscribed for 10,500 offer shares in the Rights Issue
based on subscription rights granted and 559,105 additional offer shares in the
Private Placement for a total amount of NOK 3,565,727.
Geir Karlsen, CFO, has subscribed for 7,500 offer shares in the Rights Issue
based on subscription rights granted and 638,978 additional offer shares in the
Private Placement for a total amount of NOK 4,046,952.
Andrew Hodges, EVP Network, Pricing & Optimisation, has subscribed for 100,000
offer shares in the Private Placement for a total amount of NOK 626,000.
Christoffer Sundby, EVP Marketing, Sales & Customer Care, has subscribed for
335,943 offer shares in the Private Placement for a total amount of NOK
2,103,003.
Tor Arne Fosser, EVP Products & Digital Development, has subscribed for 95,847
offer shares in the Private Placement for a total amount of NOK 600,002.
Knut Olav Irgens Høeg, EVP IT & Business Services, has subscribed for 138 offer
shares in the Rights Issue based on subscription rights granted and 239,617
additional offer shares in the Private Placement for a total amount of NOK
1,500,866.
Johan Gauermann, Interim EVP Operations, has subscribed for 236,157 offer shares
in the Private Placement for a total amount of NOK 1,478,343.
Anne-Sissel Skånvik, EVP Communications & Public Affairs, has subscribed for 57
offer shares in the Rights Issue based on subscription rights granted and 50,000
additional offer shares in the Private Placement for a total amount of NOK
313,357.
Guro Halvorsen Poulsen, EVP People, has subscribed for 236,805 offer shares in
the Private Placement for a total amount of NOK 1,482,399.
Endre Hermansen, CEO Adviser, has subscribed for 69,888 offer shares in the
Private Placement for a total amount of NOK 437,499.
Esben Tuman, SVP External Communications, has subscribed for 15,974 offer shares
in the Private Placement for a total amount of NOK 99,997.
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Bloody disgusting, then you have still people believing the company is worth resurrecting.
Scrap it and start compensating the crew, these managers are worse than the Alitalia ones
Bloody disgusting, then you have still people believing the company is worth resurrecting.
Scrap it and start compensating the crew, these managers are worse than the Alitalia ones
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"We're back" they say, followed by the naming of a new chairman and shares falling 49% .. but still above the capital issue price of 6.26 NOK, demand projected for the future but new "competition" forcing prices down and "loyal customers" not so loyal after being denied refunds and can't spend the points. If they stay as a regional state supported airline they may last long enough to reap the recovery after Covid.
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Well, they are now going to compete on their home Norwegian turf with not only SAS, but also Wizz and new start-up Flyr. Norway domestic will be brutal come fall.. In Sweden they will not only compete with SAS, but now Ryanair is opening a base at ARN... How deep are their pockets?
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Hi,
Just rumor, cannot confirm, but did anyone here heard about the ex-ek and ex-wzz manager who called the pilots to let go "bad apples" joining Norwegian in a management capacity?
Cheers
Just rumor, cannot confirm, but did anyone here heard about the ex-ek and ex-wzz manager who called the pilots to let go "bad apples" joining Norwegian in a management capacity?
Cheers