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Norwegian Air has reported that the examinership process in Ireland and the reconstruction process in Norway that were initiated in the fourth quarter of 2020 are “on track”.
The news came as the airline reported a net loss of NKr 16.6 billion (£1.4 billion) for calendar year 2020, including impairment of NKr 12.8 billion (£1.1 billion).
The airline says just 15 of the aircraft in its 131-strong fleet were operational during the fourth quarter, mainly on domestic routes in Norway. The airline carried 574,000 customers, a decrease of 92 per cent compared to the same period in 2019.
Jacob Schram, CEO of Norwegian, said: “2020 was an exceptionally difficult year for the aviation industry and for Norwegian. Consequently, the fourth quarter results are as expected. Unfortunately, many of our employees are furloughed or have lost their jobs, partly due to the company’s decision to cease long-haul operations. Despite the difficulties the pandemic has caused, there is a great fighting spirit and engagement within the company, and together we will build new Norwegian when we exit the reconstruction processes.”
The restructuring plan includes reducing debt and the size of the fleet, and making the company financially attractive to secure new capital. The carrier won conditional support from the Norwegian government in January.