Norwegian halts long haul flights
Norwegian is aiming to reduce its debt to around 2 billion € and to raise around 500 million € using the combination of converting debt in capital, a hybrid instrument, and new investors.
In order to convince new investors the airline will focus on its backbone business short haul flights within Europe mainly from scandic countries
Norway may reinforce capital by investing through GPFN (Norvegian sovereign fund)
As part of its remodeling Norwegian will operate 50 narrow bodies aircraft mainly 737 in 2021, rising to 70 in 2022.
Following a decision by the Norwegian government to withhold support in November, the airline entered a court-supervised examinership arrangement in Ireland, which has since been supplemented by a parallel process in Norway.
At this stage most of the aircraft are grounded and 787 servicing long haul were sent back to leasers