Geir Karlsen appointed new CEO of Norwegian
Geir Karlsen has been appointed new CEO of Norwegian Air Shuttle ASA ("Norwegian"). Karlsen succeeds Jacob Schram. The appointment will be effective June 21st 2021.
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Traffic results for May show signs of positive trend
Norwegian's traffic figures for May continue to be affected by international travel restrictions and therefore low demand. However, passenger numbers have shown a noticeable increase in volume in line with vaccination roll outs and changes to entry restrictions and quarantine regulations.
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Travel restrictions continue to impact operations in April
Norwegian’s traffic figures for April are impacted by government travel restrictions and therefore low demand.
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Norwegian update on capital raise
Norwegian has today updated the market on the forthcoming capital raise. The upper limit for raising capital has been increased to NOK 6 billion. The debt will be sharply reduced and in addition aircraft orders amounting to NOK 85 billion have been cancelled.
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Norwegian's reconstruction in Norway receives court approval
The Oslo County Court, today approved Norwegian's reconstruction plan in Norway. Reaching this milestone means that both the group's reconstruction processes in Ireland and Norway have now been approved by the courts. The company will now prepare the process of raising new capital.
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March traffic figures continue to be severely impacted
Norwegian’s traffic figures for March are impacted by weak demand as a result of international government travel restrictions across our key markets.
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Norwegian’s reconstruction process in Ireland is approved. An important milestone also for the process in Norway
Norwegian’s reconstruction process in Ireland, called the Examinership, was today approved by the judge in the Irish High Court. Based on this decision, Norwegian will now send the same proposal for voting in Norway. Following this, the company will start the process of raising capital with the goal of a final resolution by the end of May.
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Adrian Dunne appointed Executive Vice President Operations in Norwegian
Adrian Dunne will join Norwegian as the company’s new EVP Operations. Dunne has more than thirty years of experience as a leader within the aviation industry.
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Norwegian’s restructuring scheme filed to the court
Today, Norwegian’s financial reconstruction plan was sent to its creditors and shareholders. If the plan is approved by the Irish and Norwegian courts in the coming weeks, the company can continue the reconstruction processes and initiate a capital raise in April, targeting completion in May 2021.
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Norwegian’s February traffic figures strongly impacted by COVID-19
Norwegian’s traffic figures for February are strongly influenced by lower demand caused by continued travel restrictions across Europe.
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Norwegian’s fourth quarter results are heavily impacted by COVID-19 and travel restrictions
Norwegian today reported its fourth quarter results. As expected, the results were heavily impacted by COVID-19 and travel restrictions in all markets.
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Norwegian presents update of indicative plan for exit from Irish examinership and Norwegian reconstruction processes
The Company is working with the Examiner and the Reconstructor with a view to commencing the legal steps required to implement the proposed Restructuring, including the issuance of a scheme of arrangement by the Examiner as soon as possible, with a view to the Capital Raise commencing in late March/early April, with the subscription period in mid-April and target closing end of April.
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