newstodate.aero

Nov 09, 2020 (newstodate): The LCC Norwegian, last week awarded 'Europe's Leading Low-Cost Airline 2020' at the World Travel Awards for the 6th successive year, has been dealt a further blow to its efforts in overcoming the sustained financial challenges threatening its survival.
   The Norwegian state has today refused to grant the airline with further financial support.  
   -The recently imposed strict COVID-19 measures in conjunction with this rejection for further financial aid support, leaves Norwegian Air Shuttle ASA in a challenging situation, says Norwegian in an announcement to the Norwegian stock exchange.
   -NAS is currently evaluating the effects of the current situation with an aim to safeguard the interest of all stakeholders and will hold a press-conference today, Monday 9 November 2020 at 10:30 Oslo time. The presentation will be held by CEO Jacob Schram and CFO Geir Karlsen, the message reads.
   While rejecting the application for fresh renewed cash injection, the Norwegian state will however still evaluate other issues such as the extension of credit guarantee facilities, reduced aviation taxes and continued purchase of domestic routes in Norway during the pandemic.
   The main shareholders of Norwegian are today the aircraft leasing companies that will have to reevaluate their engagement and obligations in the airline, aiming at a new financial model for the airline's survival.