By John Smith •
Published: 14 Jan 2021 • 16:15
Norwegian 737-800 aircraft
Credit: Norwegian/ Photo by David Charles Peacock
NORWEGIAN AIR has advised the Oslo Stock Exchange that it intends to concentrate on flights in Nordic areas only, to reduce aircraft numbers and sack around 2,000 members of staff.
Founded in 1963, it expanded from being an internal airline, to touching in down first in Nordic countries, then most of Europe and finally took on intercontinental flights using modern aircraft and charging relatively low prices.
It eventually became the largest airline in Scandinavia and the fourth largest independent carrier in Europe after WIZZ, EasyJet and Ryanair but its reliance on Boeing 787 Dreamliners for long haul flights had caused major problems before the outbreak of the pandemic.
The airline had significant debts and didn’t have the technical back up to cope with technical problems with its fleet and the outbreak of Covid-19 really was the last straw as it had almost no income but debts to cover as well as the cost of parking its fleet to cope with.
Having been refused significant financial assistance by the Norwegian Government it had to enter into bankruptcy protection in Ireland and whilst it hopes to reduce its indebtedness to Kr 20 billion (€1.9 billion) it can only achieve this by disposing of aircraft (if anyone wants them), reducing staff and destinations.
By taking this action, it hopes that the Norwegian Government will reconsider its appeal for assistance and it has been confirmed that the Norwegian. Business and Trade Minister Iselin Nybø is reviewing the situation.
Thank you for taking the time to read this news article “Back to basics as Norwegian Air sheds aircraft and staff”.
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica.
Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene.
Currently he is acting as Editorial Consultant for the paper helping to shape its future development.
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