newstodate.aero
Mar 31, 2020 (newstodate): ESA, the EFTA Surveillance Authority has approved a guarantee scheme in Norway for airline operators facing a shortage of liquidity due to the economic effects of the COVID-19 pandemic.
The scheme was notified by Norway on March 30, 2020, and approved by ESA the same day. With its decision, ESA approves Norwegian public guarantees to airline operators in order to meet the liquidity needs they face due to the COVID-19 outbreak.
The guarantees will benefit Norwegian Air, SAS and the regional carrier Wideroe to help alleviate the impact from the coronavirus outbreak.
On March 19, 2020, the Norwegian Government proposed a guarantee of NOK six billion for the Norwegian airline industry, of which up to three billion is directed to Norwegian.
The guarantee will be up to 90 percent from the Norwegian Government provided that financial institutions contribute with the remaining 10 percent.
The guarantee scheme consists of three tranches with a maximum two years maturity, and Norwegian has already cleared the road for the first tranche, now working on meeting the requirements for the remaining two tranches.
Norwegian has grounded most of its aircraft fleet, basically operating only Norwegian domestic and some regional flights in addition to repatriation flights.
The scheme was notified by Norway on March 30, 2020, and approved by ESA the same day. With its decision, ESA approves Norwegian public guarantees to airline operators in order to meet the liquidity needs they face due to the COVID-19 outbreak.
The guarantees will benefit Norwegian Air, SAS and the regional carrier Wideroe to help alleviate the impact from the coronavirus outbreak.
On March 19, 2020, the Norwegian Government proposed a guarantee of NOK six billion for the Norwegian airline industry, of which up to three billion is directed to Norwegian.
The guarantee will be up to 90 percent from the Norwegian Government provided that financial institutions contribute with the remaining 10 percent.
The guarantee scheme consists of three tranches with a maximum two years maturity, and Norwegian has already cleared the road for the first tranche, now working on meeting the requirements for the remaining two tranches.
Norwegian has grounded most of its aircraft fleet, basically operating only Norwegian domestic and some regional flights in addition to repatriation flights.