Stock value 4,65KR... Cap 1,35BKR...
effettivamente non sembra abbiano apprezzato
Norwegian faces collapse
- Autore Discussione Cadozzo
- Data d'inizio
- Stato
Stock value 4,65KR... Cap 1,35BKR...
effettivamente non sembra abbiano apprezzato
Quando proponi la conversione del debito in azioni stai 1) ratificando che il debito non puoi ripagarlo e 2) stai proponendo una diluizione del titolo perché, ammesso che la conversione vada in porto, inondi il mercato di carta.
Vista l'entità della conversione e visto il periodo, - 60% mi pare pure poco
Norwegian ha chiesto questa conversione perchè è una delle condizioni fondamentali da rispettare per poter ottenere la prossima rata di aiuti di stato da parte del governo norvegiese
Vedo assai improbabile che i lessor accettino la conversione. Se venisse accettata per una, ci sarebbe poi la fila di compagnie a fare la stessa proposta mentre i rimanenti, potenziali, acquirenti avrebbero buon gioco a rimandare le consegne/rinegoziare i prezzi. Fosse solo Norwegian... ma ora come ora è impossibile
Mi sembra di vivere nel mondo della fanta-economia. La compagnia e’ tecnicamente fallita, ha una capitalizzazione sotto i 50 milioni di euro e liquidita’ per poche settimane. Ormai l’unica cosa che conta e’ la politica e sara’ cruciale capire se il governo norvegese, come io credo, continuera’ a sostenere la compagnia con il prestito da 300 milioni per permetterle di arrivare a fine anno oppure no. Scusate, ma solo a me tutta questa situazione sembra assurda? Se dovessimo tenere questo parametro il governo norvegese (cosi come la maggior parte dei governi europei) dovrebbero salvare a prescindere qualsiasi azienda sul territorio nazionale. Diverso se dovessero considerarla come strategica, ma a questo punto nazionalizzi tutto, ti tieni 30 aerei e la utilizzi come “vettore nazionale”.
Sono l’unico a vederla cosi?
Sono l’unico a vederla cosi?
Per un attimo pensavo di leggere il 3ad Alitalia faces collapse. Il mondo è piccolo.
In Norvegia c’è pure la Widerøe, che opera le rotte di ‘continuità territoriale’. Ora mi domando in che modo il governo Norvegese abbia più interesse in Norwegian che in Widerøe che come detto, offre già un certo servizio alla nazione.
Con la differenza che Alitalia non ha basi a Oslo per fare Oslo-Parigi o basi a Londra per fare Londra-New York
TROUBLED airline Norwegian was on the brink last night as its pilots were warned there was no money to pay them - or make them redundant.
The carrier is “mortgaging everything they own” to try and stay afloat.
Frantic bosses are converting debts into shares in a bid to stop flatlining, but the move is predicted to wipe out the value of existing shares.
The airline’s jets have left their slots at the UK’s second major hub Gatwick airport.
The firm has around £5billion of debt against a market value of £78million.
Sources close to Norweigan told The Sun it was true to say there was a “last ditch effort” to save the airline.
The carrier was afforded a ‘phase one’ £30million rescue package by the Norway government.
But ‘phase two and three’ of a rescue deal - worth £280million and needed to see the carrier through the coronavirus crisis - won’t arrive unless the airline restructures and lowers its debt threshold.
This is the move which requires creditors to convert debt to equity - effectively becoming owners of Norwegian.
But such a move means existing shares becoming worthless - and has seen a mad rush to sell stakes in the last 24 hours while they are still worth something.
If bondholders don’t agree to a decision to switch debt to equity next month then the airline will be permanently grounded.
A source said: “There is no magic pot in the bank. Norwegian is in the same situation as Virgin Atlantic, Air France and Lufthansa in needing bail-outs to survive.”
Pilots were last night warned they face a pay freeze - and will rely on the government’s job retention scheme plan for any salary.
The company’s entire fleet, across different subsidiaries, is believed to be hit - around 1,500 pilots and 3000 cabin crew.
A letter from cook pit crew union Balpa revealed discussions with OSM Aviation, whose parents firm is Norwegian.
It stated: “Norwegian have indicated to OSM that they will not be in a position to fund the April salary, and also OSM do not have sufficient funds to cover the salary or redundancies.”
The carrier’s subsidiary is “positive” the government’s furlough scheme will be implemented, but can’t guarantee when funds will be paid.
There are around 1,000 pilots and crew in the UK who fly for Norwegian and are employed through its OSM subsidiary.
Balpa and the Unite union negotiated with OSM a deal to reduce salaries - by 30 per cent for pilots and 60 per cent for crew in a battle to survive.
But staff have realised they would be better off under the Government’s furlough scheme, in which they would receive 80 per cent of salaries.
Norwegian does not have cash-flow to pay this month’s salaries up front and claim back furlough cash from the UK Government later - a move taken by easyJet.
So Norwegian staff face a month without pay until the furlough scheme kicks in.
With flights to and from the UK grounded, and bookings cancelled, the firm has no money coming in here whatsoever.
The source said: “Norwegian is in the last chance saloon - like many other major airlines. But all hope is not yet quite gone.
“And UK crew face a month of no pay while the furlough scheme pays out wages. But hopefully it is not going to be their last pay packet.”
A Norwegian spokesman told The Sun: “The crew employer, OSM, has been in constant dialogue with the relevant unions to reach the best possible agreement for our crew colleagues based in the UK.”
Shortly after the Oslo stock exchange reopened following the long Easter weekend, Norwegian’s share price was at one point down more than 60 per cent compared with when the market closed on 8 April.
The carrier’s chief executive, Jacob Schram, said the proposed measures were necessary to secure “the next tranches of the Norwegian government state guarantee programme”.
Norway last month announced a £464million bailout for the aviation sector, half of which is earmarked for Norwegian.
Norwegian Air said it would hold a meeting with bondholders on April 30 to approve the terms of its rescue plan, Reuters reported.
If creditors approve the rescue plan, it will be put to a shareholders’ vote on May 4.
In a April 14 research note, Bernstein analyst Daniel Roeska describes Norwegian as being “at the end of the line”.
Mr Roeska believes there are two likely outcomes for the airline: “Either the bondholders agree a conversion price for their debt into equity, or they do not.
“If they agree, the firm continues to operate, but shareholders will be severely diluted.
“If they do not, then we expect operations to cease, bankruptcy proceedings to start, and shareholders to get nothing.”
Last month, The Sun revealed how Norwegian was feared to be days away from folding as its UK staff were told to choose between a 70 per cent pay cut or redundancy.
Last year they were teetering on the edge of collapse before receiving last-gasp financial backing to keep going.
The airline - the eight largest in Europe and third biggest low-cost carrier after Ryanair and easyJet - carried 30 million passengers in 2016.
The Sun was shown a shock ‘emergency payment option’ sent to Norwegian UK employees.
They help run a fleet of 13 carriers from Gatwick airport.
Bosses at parent firm OSM Aviation said they had been “compelled to take immediate action in order to assure that operations will remain intact, once the commercial difficulties as caused by the present situation, cease to remain”.
The Nordic airline has already announced it would cancel 85 per cent of flights and faces laying off 90 per cent of its workforce - that's around 7,300 people.
Norwegian is struggling on, analysts say, thanks in part to a delay in delivery of their new 737 MAX aircraft.
In more airline news, British Airways pilots have been forced to take three months’ unpaid leave as the airline struggles to survive.
https://www.thesun.co.uk/money/11400386/norwegian-air-pilots-bust/
The carrier is “mortgaging everything they own” to try and stay afloat.
Frantic bosses are converting debts into shares in a bid to stop flatlining, but the move is predicted to wipe out the value of existing shares.
The airline’s jets have left their slots at the UK’s second major hub Gatwick airport.
The firm has around £5billion of debt against a market value of £78million.
Sources close to Norweigan told The Sun it was true to say there was a “last ditch effort” to save the airline.
The carrier was afforded a ‘phase one’ £30million rescue package by the Norway government.
But ‘phase two and three’ of a rescue deal - worth £280million and needed to see the carrier through the coronavirus crisis - won’t arrive unless the airline restructures and lowers its debt threshold.
This is the move which requires creditors to convert debt to equity - effectively becoming owners of Norwegian.
But such a move means existing shares becoming worthless - and has seen a mad rush to sell stakes in the last 24 hours while they are still worth something.
If bondholders don’t agree to a decision to switch debt to equity next month then the airline will be permanently grounded.
A source said: “There is no magic pot in the bank. Norwegian is in the same situation as Virgin Atlantic, Air France and Lufthansa in needing bail-outs to survive.”
Pilots were last night warned they face a pay freeze - and will rely on the government’s job retention scheme plan for any salary.
The company’s entire fleet, across different subsidiaries, is believed to be hit - around 1,500 pilots and 3000 cabin crew.
A letter from cook pit crew union Balpa revealed discussions with OSM Aviation, whose parents firm is Norwegian.
It stated: “Norwegian have indicated to OSM that they will not be in a position to fund the April salary, and also OSM do not have sufficient funds to cover the salary or redundancies.”
The carrier’s subsidiary is “positive” the government’s furlough scheme will be implemented, but can’t guarantee when funds will be paid.
There are around 1,000 pilots and crew in the UK who fly for Norwegian and are employed through its OSM subsidiary.
Balpa and the Unite union negotiated with OSM a deal to reduce salaries - by 30 per cent for pilots and 60 per cent for crew in a battle to survive.
But staff have realised they would be better off under the Government’s furlough scheme, in which they would receive 80 per cent of salaries.
Norwegian does not have cash-flow to pay this month’s salaries up front and claim back furlough cash from the UK Government later - a move taken by easyJet.
So Norwegian staff face a month without pay until the furlough scheme kicks in.
With flights to and from the UK grounded, and bookings cancelled, the firm has no money coming in here whatsoever.
The source said: “Norwegian is in the last chance saloon - like many other major airlines. But all hope is not yet quite gone.
“And UK crew face a month of no pay while the furlough scheme pays out wages. But hopefully it is not going to be their last pay packet.”
A Norwegian spokesman told The Sun: “The crew employer, OSM, has been in constant dialogue with the relevant unions to reach the best possible agreement for our crew colleagues based in the UK.”
Shortly after the Oslo stock exchange reopened following the long Easter weekend, Norwegian’s share price was at one point down more than 60 per cent compared with when the market closed on 8 April.
The carrier’s chief executive, Jacob Schram, said the proposed measures were necessary to secure “the next tranches of the Norwegian government state guarantee programme”.
Norway last month announced a £464million bailout for the aviation sector, half of which is earmarked for Norwegian.
Norwegian Air said it would hold a meeting with bondholders on April 30 to approve the terms of its rescue plan, Reuters reported.
If creditors approve the rescue plan, it will be put to a shareholders’ vote on May 4.
In a April 14 research note, Bernstein analyst Daniel Roeska describes Norwegian as being “at the end of the line”.
Mr Roeska believes there are two likely outcomes for the airline: “Either the bondholders agree a conversion price for their debt into equity, or they do not.
“If they agree, the firm continues to operate, but shareholders will be severely diluted.
“If they do not, then we expect operations to cease, bankruptcy proceedings to start, and shareholders to get nothing.”
Last month, The Sun revealed how Norwegian was feared to be days away from folding as its UK staff were told to choose between a 70 per cent pay cut or redundancy.
Last year they were teetering on the edge of collapse before receiving last-gasp financial backing to keep going.
The airline - the eight largest in Europe and third biggest low-cost carrier after Ryanair and easyJet - carried 30 million passengers in 2016.
The Sun was shown a shock ‘emergency payment option’ sent to Norwegian UK employees.
They help run a fleet of 13 carriers from Gatwick airport.
Bosses at parent firm OSM Aviation said they had been “compelled to take immediate action in order to assure that operations will remain intact, once the commercial difficulties as caused by the present situation, cease to remain”.
The Nordic airline has already announced it would cancel 85 per cent of flights and faces laying off 90 per cent of its workforce - that's around 7,300 people.
Norwegian is struggling on, analysts say, thanks in part to a delay in delivery of their new 737 MAX aircraft.
In more airline news, British Airways pilots have been forced to take three months’ unpaid leave as the airline struggles to survive.
https://www.thesun.co.uk/money/11400386/norwegian-air-pilots-bust/
Ci stiamo forse avvicinando al momento della verità?
Il governo norvegese dovrà decidere a breve se tenere a galla la compagnia per i prossimi mesi (300 milioni per il PIL norvegese non sono pochi) e i creditori (sopratutto i lessor) accettare condizioni che li metterebbero in grosse difficoltà nelle trattative future con le altre compagnie.
In questo periodo gli appassionati di "teorie dei giochi" si divertiranno
Come quasi sempre capita credo che alla fine si troverà un punto di incontro per non far saltare il banco e "tirare la lattina un altro metro in avanti".
Il governo norvegese dovrà decidere a breve se tenere a galla la compagnia per i prossimi mesi (300 milioni per il PIL norvegese non sono pochi) e i creditori (sopratutto i lessor) accettare condizioni che li metterebbero in grosse difficoltà nelle trattative future con le altre compagnie.
In questo periodo gli appassionati di "teorie dei giochi" si divertiranno
Come quasi sempre capita credo che alla fine si troverà un punto di incontro per non far saltare il banco e "tirare la lattina un altro metro in avanti".
Irish aircraft lessor Aercap could be offered shares in Norwegian Air under the troubled airline’s plans to swap its debts for equity in the business.
Norwegian intends offering creditors, including aircraft lessors, shares in the airline to satisfy the terms of part of a €265 million state aid package aimed at getting it through the Covid-19 crisis, which has grounded air travel.
Dublin-based Aercap has leased 11 craft to Norwegian, so as a result could be offered shares in the company under the proposal, along with other creditors including banks and bondholders.
Aercap did not comment on Thursday. Industry analysts have questioned how creditors are likely to respond to Norwegian Air’s offer given its shares have lost more than 70 per cent of their value so far this year.
Credit Suisse analysts Neil Glynn, Arthur Truslove and Hannah Burrows said in a note recently that it would be “interesting” to see if creditors accepted the deal in light of Norwegian’s share price performance and given that they did not normally invest in airline equities.
Companies such as Aercap buy craft and lease them to airlines, earning revenue from the rent the carriers pay. The lessors can repossess planes if airlines fail to pay the rent.
It is understood that Aercap could take back its 11 craft if it were to refuse the shares-for-debt deal and Norwegian were unable to continue paying for them.
New shares
Norwegian Air did not comment. The Scandinavian carrier said recently that the debt-for-equity conversions would release cash for a Norwegian government guarantee scheme.Alongside that Norwegian intends issuing new shares to raise further cash.
However, both moves would reduce the holdings of existing shareholders, who have seen the value of their investment collapse this year as coronavirus has grounded air travel.
Headquartered in Dublin and listed on the New York Stock Exchange, Aercap is one of the world’s biggest aircraft lessors.
https://www.irishtimes.com/business...-be-offered-shares-in-norwegian-air-1.4230789
Norwegian intends offering creditors, including aircraft lessors, shares in the airline to satisfy the terms of part of a €265 million state aid package aimed at getting it through the Covid-19 crisis, which has grounded air travel.
Dublin-based Aercap has leased 11 craft to Norwegian, so as a result could be offered shares in the company under the proposal, along with other creditors including banks and bondholders.
Aercap did not comment on Thursday. Industry analysts have questioned how creditors are likely to respond to Norwegian Air’s offer given its shares have lost more than 70 per cent of their value so far this year.
Credit Suisse analysts Neil Glynn, Arthur Truslove and Hannah Burrows said in a note recently that it would be “interesting” to see if creditors accepted the deal in light of Norwegian’s share price performance and given that they did not normally invest in airline equities.
Companies such as Aercap buy craft and lease them to airlines, earning revenue from the rent the carriers pay. The lessors can repossess planes if airlines fail to pay the rent.
It is understood that Aercap could take back its 11 craft if it were to refuse the shares-for-debt deal and Norwegian were unable to continue paying for them.
New shares
Norwegian Air did not comment. The Scandinavian carrier said recently that the debt-for-equity conversions would release cash for a Norwegian government guarantee scheme.Alongside that Norwegian intends issuing new shares to raise further cash.
However, both moves would reduce the holdings of existing shareholders, who have seen the value of their investment collapse this year as coronavirus has grounded air travel.
Headquartered in Dublin and listed on the New York Stock Exchange, Aercap is one of the world’s biggest aircraft lessors.
https://www.irishtimes.com/business...-be-offered-shares-in-norwegian-air-1.4230789
Vedremo, ma certo, e cosi', a spanne, fossi un lessor-creditore in un momento come questo, nel quale comunque mi darei gli aerei in fronte, non saprei davvero che fare; anche farli tenere al lessee infatti, nella situazione abissale di DY, non offre alcuna garanzia. Alla fine, zero per zero capace ci proveranno, tanto...
„Se devi alla tua banca cento sterline, tu hai un problema. Ma se ne devi un milione, il problema è della banca.“
Keynes
Keynes
Sarà il mese più lungo per Norwegian. E soprattutto potrebbe essere l’ultimo della sua storia. Per la compagnia aerea il capolinea questa volta, dopo le funeste profezie degli ultimi due anni, appare una dura realtà da dovere affrontare, con il colpo finale inferto dall’emergenza Covid-19.
L’intervento dello Stato norvegese dopo la messa a terra degli aerei per il blocco del traffico sembrava potere fornire una boccata d’ossigeno nella fase di transizione, ma nelle casse di Norwegian è arrivata solamente una manciata di milioni rispetto a quelli promessi. Per gli altri i vincoli sono chiari: serve prima la ristrutturazione del debito, altrimenti nulla.
Primo effetto, nuovo crollo delle azioni, che hanno ormai pochi centesimi di valore nominale. Poi l’estremo tentativo: un mese di tempo ai creditori per convertire il debito in azioni e diventare così di fatto gli azionisti della compagnia. Per un totale di 5 miliardi di euro. Praticamente una mission impossible. Diversamente la parola fine sarà realtà. E nel frattempo è arrivato anche lo stop agli stipendi in Gran Bretagna: nelle casse di Norwegian non ci sono soldi
TTG
L’intervento dello Stato norvegese dopo la messa a terra degli aerei per il blocco del traffico sembrava potere fornire una boccata d’ossigeno nella fase di transizione, ma nelle casse di Norwegian è arrivata solamente una manciata di milioni rispetto a quelli promessi. Per gli altri i vincoli sono chiari: serve prima la ristrutturazione del debito, altrimenti nulla.
Primo effetto, nuovo crollo delle azioni, che hanno ormai pochi centesimi di valore nominale. Poi l’estremo tentativo: un mese di tempo ai creditori per convertire il debito in azioni e diventare così di fatto gli azionisti della compagnia. Per un totale di 5 miliardi di euro. Praticamente una mission impossible. Diversamente la parola fine sarà realtà. E nel frattempo è arrivato anche lo stop agli stipendi in Gran Bretagna: nelle casse di Norwegian non ci sono soldi
TTG
- Stato