Norwegian Air guarantees funds from investors to survive pandemic

07.05.2020 - Davydova Maria
Norwegian Air guarantees funds from investors to survive pandemic

The flag carrier Norwegian Air (NWC.OL) has guaranteed essential funding from investors on Thursday. The company is fighting for its survival after the decline of travelers hit a 98.7% volume amid the virus outbreak.

More than 95% of its shareholders voted in favor of the conversion of nearly $1 billion debt-for-equity swaps in Oslo on Monday.

Sales of Norwegian new shares raised 400 Million Crowns after it was sold at 1 Crown each.

On Thursday, Norwegian Air shares fell by 2.7% at 4.05 Crowns 0728 GMT in Oslo.

“Norwegian continued to operate a limited number of domestic flights within Norway on behalf of the government to ensure that vital connectivity was maintained between regions,” the airline said in a statement.

The airline resumed flight operations in Oslo, Stockholm, and Copenhagen last month.

“All other network activity was temporarily suspended and is therefore reflected in the sharp decline in traffic figures this month,” Norwegian Air stated.

 

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