Norwegian Air is positioning itself as a regional carrier after emerging from a bankruptcy protection of about six months, according to Market Screener. The carrier now boasts of 51 aircraft, down from 156 before Covid-19, and has cut down debt from more than 80 billion Norwegian crowns to about 16-18 billion crowns.
Norwegian Air said it generated a fresh capital of 6 billion Norwegian crowns or $721 million, more than required by Dublin and Oslo bankruptcy courts.
The carrier expects the funds generated to put it in a “good position,” with the flexible leasing terms preventing cash burn.
Norwegian Air still faces rivalry from carriers including SAS and Wideroe, as well as Europe’s low-cost carrier Ryanair which has established new routes in the country.
Norwegian Air stock is currently declining. NWC: FRA is down 50.62%
