Norwegian Air could run out of cash by mid-May unless its proposed financial rescue plan is approved by creditors and shareholders, the budget carrier warned on Monday.
) could run out of cash by mid-May unless its proposed financial rescue plan is approved by creditors and shareholders, the budget carrier warned on Monday.
If approved by bondholders, leasing companies and shareholders, the plan may help Norwegian survive the coronavirus outbreak, which has grounded 95% of its fleet, leaving just 7 aircraft in operation. The move would allow Norwegian to tap government guarantees of 2.7 billion crowns , which are dependent on the company reducing its ratio of debt to equity, and which would come on top of 300 million crowns it has already received.
Rapid growth has made Norwegian Europe’s third-largest low-cost airline and the biggest foreign carrier serving New York and other major U.S. cities, but with the expansion came debts and liabilities of close to $8 billion by the end of 2019.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coronavirus lockdowns have led to an unprecedented fall in air pollution for these major citiesConfinement measures have been implemented in 187 countries or territories in an effort to try to slow the spread of the pandemic.
Read more »
Love is in the air as weddings innovate despite coronavirusEmpty pews. Masks and gloves. Here’s what weddings look like around the world during the coronavirus pandemic.
Read more »
Think a respiratory virus pandemic is a good time to cut air-quality regulations?The pandemic has not stalled the Trump administration's race to dismantle environmental regulations
Read more »
Coronavirus lockdown has 'dramatically improved' air quality in London, mayor saysLondon’s Oxford Street, usually a hub of activity, has seen its daily average NO2 drop by 47% under coronavirus lockdown measures.
Read more »
Jaunt Air Moblility's Journey eVTO; details, photos, design, features - Business InsiderJaunt's Journey eVTOL plans to take to the skies in the next decade operate aerial ride-share flights for Uber and will later be autonomous.
Read more »