Just planning to run Nordic routes from June/July after examinership, if they survive, perhaps expanding to Spain 3rd qtr 2021 if demand and finances allow. Even ramping up from 10 airframes to 50 is a 500% increase.
The real discussion is not how many but IF..

10 738s being foreclosed as collateral for previous security, auction at the end of March
Article (in German) - https://www.aerotelegraph.com/boeing...ngsversteigert

So that's the end?

These airframes were the assets of Torskefjorden Leasing Ltd which was wound up by the courts on Jan 15th as the judge decided the company would no longer be viable as the only client NAS would not be able to pay for the leases.

Friday the court will decide if the guarantees can be repudiated. At the moment creditors are offered 4% of their debt in settlement and perhaps some cash, but being warned the cash is less the longer the process goes on. Its a cat and mouse game at the moment but Norwegian have advised they may not successfully exit the process if deals can't be struck.

Let's see how things pan out, if the full rescue plan is approved and the creditors don't appeal the required fund raising efforts should start. There are still some flies in the ointment, Boeing USA is an unknown sword, although the guarantees are removed the orders are "active" and the required settlements agreed to Airbus and other creditors have added another 1 billon to the funds needed, now standing at just under 2 billion to get off the starting blocks.

I wouldn't get your hopes up.

Not much point in having a creditors vote other than to satisfy Norwegian Law

And all other non Scandi employees get nothing..Nice

Realistically, if they can survive it will be 2022 before any operations outside of Norway start

6 private investors and 6 fonds lined up so the planned 3 billion nkr capital injection is oversubscribed, acording to this article: https://finansavisen.no/nyheter/luft...gian-emisjonen
Founder and former CEO Kjos is one of them and on on his way back according to this article: https://finansavisen.no/nyheter/luft...se-i-emisjonen

(Both articles in Norwegian and paywalled but what is visible of them for free says a lot)

I would say that the 53 aircrafts in 2021 are set artifically low to get through the process. Clever move to ditch the old and expensive aircraft leasing contracts during the reconstruction as these are normally non-terminable. That will give them a competetive edge as they ramp up again. Goal is around 70 aircrafts for 2022, enough to fortify the Nordics?

If Kjos gets involved again it will be groundhog day at Norwegian. Not only did he bury the company in debt, even after the difficulties he tried manipulate the share values.

The "new management" have done a good job in cleaning up the cat's litter tray, it would be a great shame if things returned to the "bad old days"

Question is did the new management, and the current chairman, have the right financial contacts to pull together investors for the necessary fresh capital injection or is Kjos the one to make that happen. After all the current management have burned the so far investors more than twice in less than 1 year. Not only has Kjos a winning personality, he has money of his own to invest and that creates trust among others with money. Norwegian rolled him out last spring also when they needed money. Its not all about saving a few jobs.

Kjos certainly has the right connections and his family have just dumped shares one Bank Norwegian after they climbed on rumours Nordax would buy the bank, so they are cash rich at this time. It depends if Kjos just sees Norwegian as an investment opportunity or a long term relationship. Either way, burnt suppliers, including CAE, Euro Control and even Facebook will be reluctant to do business without prepayment and injected cash must be sufficient to settle old debts and pave the way forward.

The other issue is the "new proposal" is almost identical to the "old proposal" with unsecured creditors taking a 95% hit on their debts and waiting up to 3 years to get settled. It may well be some object on the basis there may be nothing left in 3 years anyway and with inflation the 95% hit is already over 100% in real terms. It is by no means certain, although probable that the court will approve the planned restructure of debts.
In any event, crews in UK and Spain will be left out in the cold for the remainder of 2021.

How many UK and Spanish crew will be able to come back? Specifically the Spain crew, they were on ERTE before Covid (already excess of crew) and with the fleet reduction (affecting also Spain) I wouldn’t be very optimistic

Same goes for the italian crews, also abandoned with not even a thank you.

Same goes for all the Swedish, Danish and Finnish crews as well.
​​​

I would say Swedish, Danish and Finnish crew will be back before the Spanish crew. Not all of them but some.

Paul737

Considering Spanish crews are still employed and the company is still paying a part of their taxes I don't see how the crews that no longer are contracted will be called first. Also the company considers this ERTE time as employed thus counts for the seniority and that is not the case for fired employees.

Because CPH, ARN and maybe HEL bases (definitely the first two) will open before any spanish base, if they ever open again. Spanish crews are not in the same situation only because you are now on ERTE FM, which is a different case than a simple ERTE, but when the force majeure ends...

737Driv3r

Not quite, If you look at the list of creditors it is obvious NAS are not actually paying anything, merely accruing debts, only essential day to day costs are approved by the examiners as any use of funds potentially reduces money available in the case of liquidation.
If they survive they will initially keep to the Nordics as they owe so much money outside of Norway that forward payments would be needed and they cant afford that, perhaps after some time cash flow may allow further expansion but if you look at the current cash burn versus the investment proposal , they would still need significant revenues from pax to keep going more than 6 months.
If they sack the Spain crews they will automatically have another bundle to pay out and its easier to leave them as "employees" at effectively nil cost. The proposals make it crystal clear that only Scandi crews would get payments in the event of liquidation, LGW LH crews are an example of the shafting.
One has to take the Kjos hype with a large pinch of salt, if the "offering" is so attractive and "oversubscribed" why are shares falling like love sick angels.
BALPA and GAL don't expect a presence at Gatwick in the near future and remember NAS have no slots anymore.

Dilution occurs when a company issues new shares that result in a decrease in existing stockholders' ownership percentage of that company. When the number of shares outstanding increases, each existing stockholder owns a smaller, or diluted, percentage of the company, making each share less valuable = Current shares falling in value
New shares for new investors will be valued around 6 kr pr share. Offering 3 times oversubscribed meaning strong demand over supply(new shares valued at a total value of 1 billion kr offered to the market, but investor demand was actually for 3 billion nok)

The current shares needs to fall a lot more. They are priced at 52 nkr and the new ones will be issued at about 6 nkr. After that existing shareholders will be left with only 5% of the total. So the new shares will cost the investors 6 each and there is a lot of headroom from there to 52. A leveling out at even just 8 would give a quick tidy profit. No wonder they are popular among Kjos monied friends. Then the entusiasts and amateurs buy in and will be the ones taking the pain when Norwegian again needs money. Some predicts this last event within 6 months if there isn't a decent summer recovery.
Some big name initial shareholders in Flyr did just that, a quick exit for profit, just a few days ago. Launced at 5, quick rice to 7, inital names sold and now down to 5.50.

23000 passengers will not get refunded, so not only crew suffering from this new and improved Norwegian. Kjos has a winning personality? Last I saw of him, it was an old, slightly incoherent man with anything but a winning personality. His concept failed pre covid. What would he bring except more of the same? And more whining about everybody else?

That's OK then you can buy more shares and loose even more!, unsecured creditors are taking a 95% hit and now even the people that supported the company by buying shares.Existing shareholders in Norwegian Air must agree to their holdings being reduced to a combined total of 4.6%.

And 17 classes of creditors, including 1,600 unsecured creditors and 34,000 customers seeking refunds, must agree at 17 separate meetings to receive just 5% of what they are owed plus a ‘pro rata’ share-out of a NOK 500 million (€50 million) ‘cash pot’.nly available

The "cash pot" is only available from new capital raising and creditors will still have to wait up to 3 years to get their pro-rata amount. The 34000 passenger refunds are an issue

Talking with some crews from OSL, CPH and ARN today, it seems the plan for 2022 (70 aircrafts) could be like this:

- Norway: 40 aircrafts
- CPH: 8 aircrafts
​​​​​​- ARN: 8 aircrafts
- HEL: 6 aircrafts
- Spain: 6-8 aircrafts

Looks about right, the "plan" suggests a maximum of 50 Aircraft concentrating out of core Nordic operations, 70 is very optimistic as is Spain until mid 2022.
As always the devil is in the detail: If you want to process a ticket refund claim:

https://newsroom.aviator.aero/norse-...-haul-airline/

April Fool has come early once again. Is this real?

No, Forbes is running a piece as well. New Norwegian will feed Norse Atlantic with pax? Kjos is investing in both projects, and the new airline are taking over the old 787 from Norwegian at half the price.



from dn.no(interview with Kjos)

Norse Atlantic will be an independent company. It is the right time to restart longhaul now, Kjos says to DN, and points to a new start after the corona when the vaccines become widespread.

Kjos joins the board, and wants a collaboration between Norwegian and the new company.

- We will definitely try to achieve that. The two companies have not had time to settle down with this, as Norwegian has been very busy with the reconstruction in Ireland, and Norse Atlantic with setting up long-distance. I believe that both companies can have great synergies. Several million passengers flew both long and short haul in Norwegian, and I hope that can continue, says Kjos.

flynorse.com

I find it quite sickening that they can do this with how they treated their staff. Actually turns my stomach to see Kjos grinning face

According to the "press release" they raised 24m USD in investment.. just about enough to put lease deposits on 3 aircraft ! 12 half price! my Arse! but amusing way to start the week...

What’s the definition of insanity again?

Having anything to do with aviation?

Primera, Wow, Laker, Tower Air, Norwegian......but this time low cost long haul will work.....

And whats to stop IAG and Lufty from killing them (again) with Level, Eurowings etc this time? Madness.

Meanwhile back in LA La Land, NAS stock placed on the penalty bench as the rules regarding the securities issued where broken. Now the Board is urging the existing Bond Trustees to accept the forced changes, which they are not willing to do (at this time). Quite correct, you invest in a "Bond" as its meant to be a protected secure place come what may, not some instrument that can be constantly changed. Trust is what is lacking these days, no trust, no investment..

Remove LH from Norwegian in order to secure government funding

Erase debt and expensive pre-covid leasing agreements.

Secure Norwegian’s 787 complete with the old configuration but at a much better price

OSM survives(takeover the old employees from before)

Reinvest in Norse and New Norwegian.

Restart LH when convenient

Merge Norse and New Norwegian?

Any new start up in this day and age is a vanity project.

Look at me I own an airline.

These people need protecting from themselves.

Same guys, same routes, same aircraft, same concept.
What will work better financially next time?

Yes, many things are the same, BUT: looking at the proposed route network, it was only those LH routes that made money for Norwegian and the gang behind this project would know that. There is now a lower cost base through lower lease costs and no doubt lower staffing costs (OSM will take the opportunity to set lower T&C's of course...) The slots left behind by Virgin at LGW can be snapped up on the cheap, so why not. On top of that, I'm sure they've learned their lesson and won't cover aircraft maintenance downtime with Wamos etc as before, no doubt this downtime will be factored into any lease agreements including enough spare airframes on a 'power by the hour' agreement. Capitalism at its best quite simply