Norwegian rescued

neilhd · 19 Mar 20, 09:07 PM

Just announced:

cityam/norwegian-air...rom-officials/

**cornishfrogboy** · 19 Mar 20, 09:09 PM

Great news. We need competition in the market.
I flew with them to Boston then home from San Francisco last summer. The whole experience was excellent.

firsttimemouse · 19 Mar 20, 09:31 PM

That is good news !

**EssexSue** · 20 Mar 20, 05:53 PM

Excellent I've always been a supporter!

bighal · 20 Mar 20, 06:03 PM

A word of caution, this might just be for Norwegian Air Shuttle and not any of the foreign AOCs like the Irish and UK ones. This bailout applies to all Norwegian airlines and not just Norwegian. For Norway to bail out the UK part they will have to under EU regs also have to offer the same to all UK airlines.

bighal · 20 Mar 20, 07:45 PM

Just read a bit more about the move by the Norwegian Government. It is for airlines holding Norwegian AOCs only and the airline still needs to he able to get crefit from other sources. Below is a cut and paste of the additional requirements for Norwegian which sadly at the moment they cannot meet...

So basically they haven't been rescued...

The loan guarantees come with a number of conditions for the companies.

Among other things, the companies are required to have an equity ratio of at least 8 per cent at the end of the last quarter. 10 per cent of the loan must be financed by banks or other commercial counterparties.

The warranty of Norwegian is divided into three stages:

- In the first phase, they receive a guarantee of NOK 300 million, with no conditions other than finding someone else who can finance the last 10 percent of the loan.

- In the second phase, up to NOK 1.2 billion will be made available, provided that the company's creditors repay interest and make installments over a three-month period.

- The third phase requires Norwegian to be able to increase its equity.

BaconAndAvocado · 20 Mar 20, 07:50 PM

That's good! Our flights are with them in August... not that we'll get to use them 😓

sully301 · 20 Mar 20, 09:59 PM

i'm pleased because the aircraft and staff were excellent

bighal · 20 Mar 20, 10:12 PM

Its only the Norway based company, NAS, that MAY get some money... not any of the other parts ie the UK operations. I wouldnt get your hopes up, they still have to pass the tests required to get any money. Basically they have to raise cash from other sources, ain't likely to happen now though..