Government steps in with financial lifeline for Norwegian Air
Norwegian Air has received a £231 million financial lifeline from the Norwegian government, which has is also providing funds to regional carriers SAS, Wideroe and others.
Norwegian, which has grounded all its flights due to the coronavirus pandemic and laid off 90% of its staff, could initially get access to 300 million crowns, but must first convince its commercial lenders to supply 10% of the amount.
A further 1.2 billion will be made available if creditors agree to forego interest rates and instalments, while the remaining 1.5 billion hinges on the company’s ability to boost its equity capital.
"We are very grateful that we are now being offered this," said Norwegian chief executive Jacob Schram, adding that the company would do ‘all it can’ to meet the government’s criteria.
Scandinavian rival SAS could get guarantees of 1.5 billion krona, while domestic airline Wideroe and other small airlines will share a further 1.5 billion.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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