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Norwegian B737 Pilot selection (Updated)

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Norwegian B737 Pilot selection (Updated)

Old 4th Feb 2019, 17:51
  #1181 (permalink)  
Join Date: Apr 2002
Location: FUBAR
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Allow Google Translate to help with your post.

The chairman of the board in Norwegian, Bjørn H. Kise, reveals a long interview with E24 +.

After months of speculation, sighting and doomsday prophecies from analysts and the media, the top management in Norwegian can finally talk about what happened in the fall of 2018. Now Kise tells what they have kept hidden.

The speculation has been going on ever since British Airways owner IAG announced its interest in Norwegian in the spring of 2018. Bjørn Kjos has confirmed that they were in talks with IAG about a sale. In addition, several others smelled at Norwegian.

- In November, a stake came on the pitch with a bid. The bid was, in isolation, good enough for us to go ahead with it and the board recommended it, says Bjørn Kise to E24.

Kjos and Kise as the largest shareholders supported the bid.

Kise cannot say who was making a bid for the company, but says that the implementation of the sale had to be done quickly.

- The bidder who was inside said that they had to have a confirmatory review of the company. They said that with the growth Norwegian has, this must be completed during 2018, says Kise.

Bjørn Kise speaks out about Norwegian sales that fell through: - Yes, I was disappointed
Kise emphasizes that he believes the board, since Norwegian is a listed company, has an obligation to handle bids and interests in the company solely with regard to the shareholders' interest. And when there was a good enough offer, they were obliged to say yes.

Tough autumn
At the same time as the board had to deal freer with Norwegian with its own problems.

Throughout the year, the company had major problems with the Rolls-Royce engines on their Dreamliner aircraft. This entailed huge costs for the company, which had to compensate customers for delays and cancellations. At the same time, the price of Bank Norwegian, which the airline is the largest shareholder, had fallen.

They either had to clarify the bid or raise money to secure the company from breaking its loan terms. This is also the reason why the issue, which Norwegian announced on Tuesday, was waiting for it, according to Norwegian summit.

<p> Bjørn Kjos at Tuesday's press conference when Norwegian announced a new issue. </ P>
Bjørn Kjos at Tuesday's press conference when Norwegian announced a new issue. PHOTO: FRODE HANSEN VG
- In such a bid, you have complete confidentiality. If we said anything, the bid would fall away, says Kise, and continue:

- If you raise capital in a listed company, all information must be distributed and all shareholders must be equated. Thus, we had handcuffs on us for weeks. We could not carry out an issue.

The bid was clear and approved by the board, together with Bjørn Kjos and Bjørn Kise.

- Both Bjorn Kjos and I thought the bid would go through.

The clock ticked
Eventually problems appeared. The company that wanted to buy Norwegian postponed the date on which the sale was to be formalized.

- The stakeholder exposed and exposed. There were large turbulences in the market in December and brexit was not clarified. It happened a lot, says Kise.

The time went by and Norwegian started to get bad. They needed money. They secretly started work on the emission plans. In case.

- We had to make sure we had liquidity and capital. We have never been in breach of the credit limit and will never be the same, says Kise.

If they talked about the bid openly, the stakeholder would withdraw from the bid.

Norwegian had no time to wait and had to raise money in the market. Tuesday's issue notice has been scheduled since Christmas.

- When the stakeholder postponed the bid, and it was suddenly pushed monthly into the future, we perceived that it was not formalized. Then we just said, "Now we give away gas. Stand Alone. "

- You go on alone?

- Yes, Kise says.

In the interview with E24 +, Bjørn Kise says more about why a Norwegian sale, which seemed so secure, fell through. In addition, he opens up his own and Bjørn Kjos' future in the company. Read the chairman's story of what happened when Norwegian was a hair width from being sold at the end of 2018.
captplaystation is offline  
Old 4th Feb 2019, 22:30
  #1182 (permalink)  
Join Date: Aug 2000
Location: Almost horizontal
Posts: 94
This certainly won’t be helping either -
Credit card processing companies withheld payments from Norwegian Air Shuttle amid fears that the carrier might go bust, putting more pressure on its precarious finances.

Fingers crossed it all works out.
Too Few Stripes is offline  
Old 8th Feb 2019, 18:59
  #1183 (permalink)  
Join Date: Mar 2017
Location: london
Posts: 12
Hello everyone - Looks like LGW will be preserved in this round of cost saving measures and base binding. Great news for the UK crew community A joined up approach in the UK to ensure all crew have jobs this year. moving forward, the future may not be orange but it can still be bright - get behind the UK unions . SM1!
skymonkey1 is offline  
Old 9th Feb 2019, 11:03
  #1184 (permalink)  
Join Date: Apr 2009
Location: UK
Posts: 382
Or dust off the CV and jump first.
MCDU2 is offline  
Old 9th Feb 2019, 11:07
  #1185 (permalink)  
Join Date: Jul 2007
Location: World
Posts: 1,428
I appreciate the optimistic view of the company, but the numbers look god awful.

dirk85 is online now  
Old 9th Feb 2019, 11:39
  #1186 (permalink)  
Join Date: Feb 2005
Location: Botswana
Posts: 648
I think they’ve realised now their model just doesn’t work. They’re now going to be flying to SFO and MIA instead of OAK and FLL respectively. Costs are going to rise and so the ticket prices are going to have to as well. There is no low cost long haul only low fares long haul and Norwegian have proved it doesn’t make money. The big problem they have with increasing yield is they’ll be a small player doing the exact same thing as the big boys but without the hard business product and without the frequencies and the economies of scale. It’s going to be really, really hard for them from here. It’s a vanity project from Kjos gone bad. There is a reason why O’Leary never expanded Ryanair into the Long Haul market (and easyJet show no interest either) what we are seeing with Norwegian today is the reason why.
RexBanner is offline  

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