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OSLO, Feb 26 (Reuters) - Norwegian Air booked an impairment charge of 12.8 billion crowns ($1.5 billion) in the fourth quarter as it cancelled a major Airbus order and plans to shrink its current fleet to avoid bankruptcy.
Norwegian received protection from bankruptcy late last year in both Norway and Ireland, where most of its assets are registered, and it aims to come out of its restructuring process with fewer aircraft and less debt.
“We are doing everything we can to emerge as a more financially secure and competitive airline with an improved customer offering,” Chief Executive Jacob Schram said on Friday.
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OSLO Norwegian Air booked a charge of 12.8 billion crowns ($1.5 billion) in the fourth quarter for its plans to cut its fleet and cancel aircraft orders, the budget airline said on Friday.
Norwegian received protection from bankruptcy late last year in both Norway and Ireland, where most of its assets are registered, and it aims to come out of its restructuring process with fewer aircraft and less debt.
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“We are doing everything we can to emerge as a more financially secure and competitive airline with an improved customer offering,” Chief Executive Jacob Schram said.
Norwegian Air booked an impairment charge of 12.8 billion crowns in the fourth quarter as it cancelled a major Airbus order and plans to shrink its current fleet to avoid bankruptcy.. | March 4, 2021
BOC Aviation : Irish court to assess Norwegian Air business plan on Jan 22 marketscreener.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketscreener.com Daily Mail and Mail on Sunday newspapers.
Irish court to assess Norwegian Air business plan on Jan 22
Written by Business World, on 18th Dec 2020. Posted in Ireland
The official overseeing Norwegian Air s protection from its creditors in Ireland will present a report to the Irish High Court on Jan. 22, having received a business plan from the cash-strapped airline.
The airline obtained creditor protection this month from courts in Norway and Ireland, giving it some breathing space to restructure its massive debts. Its main aircraft-owning subsidiaries are Irish and its parent company, Norwegian Air ASA, is registered in Norway.
Norwegian s shareholders endorsed a financial rescue plan on Thursday and it now faces difficult negotiations with creditors as it tries to reduce its debt and liabilities of 66.8 billion Norwegian crowns ($7.8 billion). It must also find investors and lenders willing to put up fresh cash.