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AIR - Airbus SE News Story

€96.56 0.7  0.7%

Last Trade - 12/05/21

Sector
Industrials
Size
Large Cap
Market Cap £64.71bn
Enterprise Value £66.99bn
Revenue £42.72bn
Position in Universe 14th / 849

UPDATE 1-Norwegian Air posts $1.5 bln impairment loss amid restructuring

Fri 26th February, 2021 7:09am
(Adds quote, details)
    OSLO, Feb 26 (Reuters) - Norwegian Air  NORR.OL  said on
Friday it had booked an impairment loss of 12.8 billion
Norwegian crowns ($1.50 billion) in the fourth quarter related
to owned and leased aircraft as well as pre-delivery payments on
terminated aircraft orders.
    The company said its examinership process in Ireland and
reconstruction process in Norway were progressing as planned and
expected to end during the second quarter.
    Late last year the budget airline received protection from
bankruptcy in both Norway and Ireland, where most of its assets
are registered, and aims to emerge from the process with fewer
aircraft and less debt. 
    Norwegian, which is negotiating terms with lessors so as to
cut its fleet to 53 aircraft from 140 earlier, said its fleet
had shrunk to 131 by the end of 2020.
    "We are doing everything we can to emerge as a more
financially secure and competitive airline with an improved
customer offering," Chief Executive Jacob Schram said.
    "As soon as Europe begins to reopen, we will be ready to
welcome more customers on board." 
    Norwegian plans to end its long-haul service and focus on
the Nordic and European network. urn:newsml:reuters.com:*:nL1N2JP0IF
    It hopes to cut debt to about 20 billion crowns and raise 4
billion to 5 billion from new shares and hybrid capital, with
Norway's government already agreeing to back it with 1.5
billion.  urn:newsml:reuters.com:*:nL8N2K43W5
($1=8.5399 Norwegian crowns)

 (Reporting by Victoria Klesty; Editing by Clarence Fernandez
and Shri Navaratnam)
 ((victoria.klesty@thomsonreuters.com; +47 2331 6592; Reuters
Messaging: victoria.klesty.thomsonreuters.com@reuters.net))
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