Norwegian faces collapse
- Autore Discussione Cadozzo
- Data d'inizio
- Stato
Se dovessi farti un copia incolla di tutte le caxxate che hai detto finirei stasera, ma non ti penso proprio.. Nel frattempo rimetti le Bottiglie di spumante in frigorifero, magari le Riapri a maggio.
a proposito di cosa pensano i lessors...
Gwladys Fouche, Laurence Frost
4 MIN READ
OSLO/PARIS (Reuters) - Norwegian Air (NWC.OL), which is seeking creditor support for its rescue plan, has told bondholders it will overhaul its strategy in the wake of the coronavirus pandemic, according to an investor who took part in a briefing by the airline on Friday.
Norwegian shook up transatlantic air travel with cut-price fares, becoming the biggest foreign carrier serving New York and other major U.S. cities. But its aggressive expansion in recent years has left it saddled with high debts and fighting to survive, a situation made worse by the slump in air travel due to the coronavirus.
Last week the airline presented a rescue plan that would convert up to $4.3 billion of debt into shares and raise some new equity - wiping out much of the remaining value of the company’s current stock.
On Friday, Chief Financial Officer Geir Karlsen presented some information about the plan to bondholders in a conference call that lasted less than half an hour. Shareholders were not invited.
“They said they were assessing their strategy because the world would not be the same after this (pandemic),” Jan Petter Sissener, founding partner of asset manager Sissener AS, which holds bonds in Norwegian Air with a nominal value of $5 million, but also shorted some stock, told Reuters after the call.
Norwegian Air mostly reiterated what it had said in a statement to the Oslo bourse on April 8 and stressed the full details of the conversion would be presented to bondholders by April 27 at the latest, said Sissener. No bondholders asked questions, he said.
Norwegian Air did not reply to a request for comment.
Growing rapidly in the last decade to become Europe’s third-largest low-cost airline, Norwegian had accumulated debts and liabilities of close to $8 billion by the end of 2019.
On March 16, the company announced temporary layoffs of 7,300 employees, about 90% of its workforce, and the following day called on Norway’s government for help, saying it needed cash “within weeks, not months”.
Another bondholder, Eika Capital Management, said it was looking favourably on adopting Norwegian Air’s debt-to-equity plan.
“We are positive toward finding a solution for NAS (Norwegian Air Shuttle), including a conversion,” Bjoern Slaatto, CEO of Eika Capital Management, told Reuters.
Slaatto said Eika held “little” debt in Norwegian Air, without specifying an amount.
The talks may yet hit complications with another category of creditor, aircraft leasing firms, who can seek to repossess their planes if rent and maintenance bills are left unpaid.
On March 23, leasing company DP Aircraft (DPAD.L) said a unit of Norwegian Air had failed to make payments relating to two Boeing 787 Dreamliner aircraft in its fleet, which had been due on March 13.
Bondholders are likely to want lessors to take part in the debt restructuring, Bernstein analyst Daniel Roeska said in an April 14 note, rather than risk “a second round of debt/equity conversion a few months later, thus wiping them out”.
A source close to one of the lessors described the talks as a “long shot”, while conceding that collapsed aircraft demand could work in the deal’s favour. “If we had somewhere else to move our planes, it would be liquidation,” the person said.
Norwegian Air has been hit hardest among airlines during the outbreak of the coronavirus, with its shares down 87% over the past year.
Gwladys Fouche, Laurence Frost
4 MIN READ
OSLO/PARIS (Reuters) - Norwegian Air (NWC.OL), which is seeking creditor support for its rescue plan, has told bondholders it will overhaul its strategy in the wake of the coronavirus pandemic, according to an investor who took part in a briefing by the airline on Friday.
Norwegian shook up transatlantic air travel with cut-price fares, becoming the biggest foreign carrier serving New York and other major U.S. cities. But its aggressive expansion in recent years has left it saddled with high debts and fighting to survive, a situation made worse by the slump in air travel due to the coronavirus.
Last week the airline presented a rescue plan that would convert up to $4.3 billion of debt into shares and raise some new equity - wiping out much of the remaining value of the company’s current stock.
On Friday, Chief Financial Officer Geir Karlsen presented some information about the plan to bondholders in a conference call that lasted less than half an hour. Shareholders were not invited.
“They said they were assessing their strategy because the world would not be the same after this (pandemic),” Jan Petter Sissener, founding partner of asset manager Sissener AS, which holds bonds in Norwegian Air with a nominal value of $5 million, but also shorted some stock, told Reuters after the call.
Norwegian Air mostly reiterated what it had said in a statement to the Oslo bourse on April 8 and stressed the full details of the conversion would be presented to bondholders by April 27 at the latest, said Sissener. No bondholders asked questions, he said.
Norwegian Air did not reply to a request for comment.
Growing rapidly in the last decade to become Europe’s third-largest low-cost airline, Norwegian had accumulated debts and liabilities of close to $8 billion by the end of 2019.
On March 16, the company announced temporary layoffs of 7,300 employees, about 90% of its workforce, and the following day called on Norway’s government for help, saying it needed cash “within weeks, not months”.
Another bondholder, Eika Capital Management, said it was looking favourably on adopting Norwegian Air’s debt-to-equity plan.
“We are positive toward finding a solution for NAS (Norwegian Air Shuttle), including a conversion,” Bjoern Slaatto, CEO of Eika Capital Management, told Reuters.
Slaatto said Eika held “little” debt in Norwegian Air, without specifying an amount.
The talks may yet hit complications with another category of creditor, aircraft leasing firms, who can seek to repossess their planes if rent and maintenance bills are left unpaid.
On March 23, leasing company DP Aircraft (DPAD.L) said a unit of Norwegian Air had failed to make payments relating to two Boeing 787 Dreamliner aircraft in its fleet, which had been due on March 13.
Bondholders are likely to want lessors to take part in the debt restructuring, Bernstein analyst Daniel Roeska said in an April 14 note, rather than risk “a second round of debt/equity conversion a few months later, thus wiping them out”.
A source close to one of the lessors described the talks as a “long shot”, while conceding that collapsed aircraft demand could work in the deal’s favour. “If we had somewhere else to move our planes, it would be liquidation,” the person said.
Norwegian Air has been hit hardest among airlines during the outbreak of the coronavirus, with its shares down 87% over the past year.
Da notare come l'attuale mini-network di SAS, sia operato quasi tutto su scali norvegesi.
SAS earlier this month further reduced network offering, as the airline only focusing on domestic routes within Denmark, Norway and Sweden, as well as offering service between the capitals. The following is planned operation for the week of 19APR20, based on OAG schedules listing as of 19APR20, additional changes remain likely.
Bergen – Stavanger 11 weekly
Copenhagen – Aalborg 9 weekly
Copenhagen – Oslo 14 weekly
Copenhagen – Stockholm Arlanda 14 weekly
Oslo – Alesund 12 weekly
Oslo – Alta 3 weekly
Oslo – Bardufoss 12 weekly
Oslo – Bergen 23 weekly
Oslo – Bodo 12 weekly
Oslo – Harstad-Narvik 6 weekly
Oslo – Haugesund 11 weekly
Oslo – Kristiansand 11 weekly
Oslo – Kristiansund 12 weekly
Oslo – Lakselv 1 weekly
Oslo – Molde 6 weekly
Oslo – Stavanger 18 weekly
Oslo – Stockholm Arlanda 14 weekly
Oslo – Tromso 12 weekly
Oslo – Trondheim 26 weekly
Stockholm Arlanda – Kiruna 6 weekly
Stockholm Arlanda – Lulea 6 weekly
Stockholm Arlanda – Umea 6 weekly
Stockholm Arlanda – Visby 6 weekly
Tromso – Bodo 12 weekly
Tromso – Longyearbyen 3 weekly
Trondheim – Bergen 11 weekly
Trondheim – Bodo 12 weekly
Service to/from Stockholm Arlanda, as well as Copenhagen – Oslo, is operated by Airbus A320neo, while Copenhagen – Aalborg route is operated by ATR72. The rest of service is operated by Boeing 737-700/-800 aircraft.
https://www.routesonline.com/news/38/airlineroute/290859/sas-week-of-19apr20-operations/
SAS earlier this month further reduced network offering, as the airline only focusing on domestic routes within Denmark, Norway and Sweden, as well as offering service between the capitals. The following is planned operation for the week of 19APR20, based on OAG schedules listing as of 19APR20, additional changes remain likely.
Bergen – Stavanger 11 weekly
Copenhagen – Aalborg 9 weekly
Copenhagen – Oslo 14 weekly
Copenhagen – Stockholm Arlanda 14 weekly
Oslo – Alesund 12 weekly
Oslo – Alta 3 weekly
Oslo – Bardufoss 12 weekly
Oslo – Bergen 23 weekly
Oslo – Bodo 12 weekly
Oslo – Harstad-Narvik 6 weekly
Oslo – Haugesund 11 weekly
Oslo – Kristiansand 11 weekly
Oslo – Kristiansund 12 weekly
Oslo – Lakselv 1 weekly
Oslo – Molde 6 weekly
Oslo – Stavanger 18 weekly
Oslo – Stockholm Arlanda 14 weekly
Oslo – Tromso 12 weekly
Oslo – Trondheim 26 weekly
Stockholm Arlanda – Kiruna 6 weekly
Stockholm Arlanda – Lulea 6 weekly
Stockholm Arlanda – Umea 6 weekly
Stockholm Arlanda – Visby 6 weekly
Tromso – Bodo 12 weekly
Tromso – Longyearbyen 3 weekly
Trondheim – Bergen 11 weekly
Trondheim – Bodo 12 weekly
Service to/from Stockholm Arlanda, as well as Copenhagen – Oslo, is operated by Airbus A320neo, while Copenhagen – Aalborg route is operated by ATR72. The rest of service is operated by Boeing 737-700/-800 aircraft.
https://www.routesonline.com/news/38/airlineroute/290859/sas-week-of-19apr20-operations/
Intanto il network si riduce a soli voli nazionali in Norvegia:
Norwegian 26APR20 – 30MAY20 operations as of 19APR20
Norwegian in the last few weeks continue to downsize its operation. Based on 19APR20’s OAG schedules listing, the airline during the period of 26APR20 – 30MAY20 will only operate service within Norway, 264 weekly flights. Previously the airline filed up to 4107 weekly flights for the week of 26APR20, based on 15MAR20’s OAG schedules (including Norwegian Air Shuttle, Norwegian Air International and Norwegian Air UK).
Planned operational frequency as follows. Further changes remain likely.
Bergen – Stavanger 6 weekly
Bergen – Trondheim 6 weekly
Oslo – Alesund 6 weekly
Oslo – Bergen 19 weekly
Oslo – Bodo 8 weekly
Oslo – Harstad-Narvik 8 weekly
Oslo – Haugesund 6 weekly
Oslo – Kristiansand 6 weekly
Oslo – Molde 6 weekly
Oslo – Stavanger 24 weekly
Oslo – Tromso 10 weekly
Oslo – Trondheim 24 weekly
Tromso – Longyearbyan 3 weekly
airlineroute
Norwegian 26APR20 – 30MAY20 operations as of 19APR20
Norwegian in the last few weeks continue to downsize its operation. Based on 19APR20’s OAG schedules listing, the airline during the period of 26APR20 – 30MAY20 will only operate service within Norway, 264 weekly flights. Previously the airline filed up to 4107 weekly flights for the week of 26APR20, based on 15MAR20’s OAG schedules (including Norwegian Air Shuttle, Norwegian Air International and Norwegian Air UK).
Planned operational frequency as follows. Further changes remain likely.
Bergen – Stavanger 6 weekly
Bergen – Trondheim 6 weekly
Oslo – Alesund 6 weekly
Oslo – Bergen 19 weekly
Oslo – Bodo 8 weekly
Oslo – Harstad-Narvik 8 weekly
Oslo – Haugesund 6 weekly
Oslo – Kristiansand 6 weekly
Oslo – Molde 6 weekly
Oslo – Stavanger 24 weekly
Oslo – Tromso 10 weekly
Oslo – Trondheim 24 weekly
Tromso – Longyearbyan 3 weekly
airlineroute
Norwegian’s pilot and cabin crew companies in Sweden and Denmark file for bankruptcy
Press release • Apr 20, 2020 12:03 BST
Due to the ongoing spread of the Coronavirus (COVID-19) most countries have advised against or have banned non-essential travel. The closure of borders and quarantine restrictions has effectively brought the entire airline industry to a halt. Consequently, almost all of Norwegian’s flight operations have been cancelled, while the costs for air crew remain. The pilots and cabin crew in Scandinavia are employed in subsidiaries in the Norwegian Group. Unfortunately, despite the measures that the company has already taken to reduce costs, the Board of these companies are left with no choice but to apply for bankruptcy.
The decisions about filing for bankruptcies in the four crew subsidiaries were made by the respective boards on Monday April 20, 2020.
”The impact the Coronavirus has had on the airline industry is unprecedented. We have done everything we can to avoid making this last-resort decision and we have asked for access to government support in both Sweden and Denmark”, said CEO of Norwegian, Jacob Schram.
“Our pilots and cabin crew are the core of our business and they have done a fantastic job for many years. It is heart-breaking that our Swedish and Danish pilot and cabin crew subsidiaries now are forced to file for bankruptcy, and I’m truly sorry for the consequences this will have for our colleagues. We are working around the clock to get through this crisis and to return as a stronger Norwegian with the goal of bringing as many colleagues back in the air as possible,” Schram said.
In Norway, there are efficient furlough opportunities which means that the government pays for all salary related costs throughout the duration of the furlough period. Unfortunately, there is not the equivalent coverage in Sweden or Denmark schemes.
Despite the measures that the company has already taken, coupled with the lack of significant financial support from the Swedish and Danish governments, we are left with no choice. The Board of the below companies in the Norwegian Group today Monday 20 April decided to file for bankruptcy:
Norwegian Pilot Services Sweden AB
Norwegian Pilot Services Denmark ApS
Norwegian Cabin Services Denmark ApS
Norwegian Air Resources Denmark LH ApS
Due to the extraordinary situation (force majeure), Norwegian has also notified OSM Aviation that it has cancelled the crew provision agreements with several of its jointly owned OSM Aviation subsidiaries. These companies have crew based in Spain, UK, Finland, Sweden and the US.
The above actions will affect 1,571 pilots and 3,134 cabin crew. About 700 pilots and 1,300 cabin crew based in Norway, France and Italy are not affected.
The process of the subsidiaries filing for bankruptcy is now being managed by bankruptcy courts and bankruptcy trustees in the respective countries.
Spiace davvero per i colleghi; quelli perbene sempre e a prescindere. Quelli.
Ricevuta da DY, google translator colpisce qua e la e il messaggio risulta scarno assai; ma meglio di nulla e il tentativo va premiato.
Grazie EEA
A tutti i nostri clienti - regolari, nuovi e futuri: speriamo di darvi il benvenuto a bordo di Norwegian presto Questo è il momento più difficile che l'industria aeronautica abbia mai vissuto e vi ringraziamo per aver capito che stiamo facendo del nostro meglio per prenderci cura di voi, del nostro equipaggio e delle nostre operazioni di volo in questi tempi difficili.
Sei importante per noi
La nostra assoluta priorità è quella di fornire il miglior servizio possibile ai clienti i cui voli sono stati cancellati, mentre allo stesso tempo ci prepariamo per superare questa crisi e riprendere le nostri operazioni di volo come prima quando la situazione sarà tornata alla normalità. Il nostro team di Assistenza Clienti lavora 24 ore su 24 per darti aiuto e sostegno. Consultare aggiornamenti Covid-19
Tranquillità ai tuoi piani di viaggio
Ci sono disponibili delle opzioni flessibili per prenotazioni gìa effettuate e per quelle nuove se hai bisogno di cambiare i tuoi piani di viaggio. Visita la nostra pagina Covid-19 per consultare gli ultimi aggiornamenti e il modo in cui possiamo aiutarti.
Torneremo presto
Continueremo con il nostro grande impegno per mantenere Norwegian come una compagnia aerea in grado di creare ed alimentare l´entusiasmo di viaggiare, una compagnia aerea che osa sfidare la realtà consolidata e una compagnia aérea dove migliaia di dipendenti dedicati possano lavorare assieme ogni giorno.
E per ultimo, vorremmo ringranziarti per il percorso che abbiamo fatto insieme finora e darti presto un nuevo e cordiale benvenuto a bordo. Ti preghiamo di prenderti cura di te e dei tuoi cari.
Cordiali saluti,
Norwegian Air Shuttle
Grazie EEA
A tutti i nostri clienti - regolari, nuovi e futuri: speriamo di darvi il benvenuto a bordo di Norwegian presto Questo è il momento più difficile che l'industria aeronautica abbia mai vissuto e vi ringraziamo per aver capito che stiamo facendo del nostro meglio per prenderci cura di voi, del nostro equipaggio e delle nostre operazioni di volo in questi tempi difficili.
Sei importante per noi
La nostra assoluta priorità è quella di fornire il miglior servizio possibile ai clienti i cui voli sono stati cancellati, mentre allo stesso tempo ci prepariamo per superare questa crisi e riprendere le nostri operazioni di volo come prima quando la situazione sarà tornata alla normalità. Il nostro team di Assistenza Clienti lavora 24 ore su 24 per darti aiuto e sostegno. Consultare aggiornamenti Covid-19
Tranquillità ai tuoi piani di viaggio
Ci sono disponibili delle opzioni flessibili per prenotazioni gìa effettuate e per quelle nuove se hai bisogno di cambiare i tuoi piani di viaggio. Visita la nostra pagina Covid-19 per consultare gli ultimi aggiornamenti e il modo in cui possiamo aiutarti.
Torneremo presto
Continueremo con il nostro grande impegno per mantenere Norwegian come una compagnia aerea in grado di creare ed alimentare l´entusiasmo di viaggiare, una compagnia aerea che osa sfidare la realtà consolidata e una compagnia aérea dove migliaia di dipendenti dedicati possano lavorare assieme ogni giorno.
E per ultimo, vorremmo ringranziarti per il percorso che abbiamo fatto insieme finora e darti presto un nuevo e cordiale benvenuto a bordo. Ti preghiamo di prenderti cura di te e dei tuoi cari.
Cordiali saluti,
Norwegian Air Shuttle
Norwegian Air's UK pilots and cabin crew will not receive April salary
Pilots and cabin crew employed in the UK by the struggling airline Norwegian Air Shuttle have been told they will not receive their April salary because the airline does not have the money to pay them.
The airline asked its 1,000 UK air crew to accept significant pay cuts or redundancy at the end of March but workers have been informed that the airline has “no readily available funds to pay any employees on this coming payday” on 25 April.
The company intends to apply for the UK government’s furlough scheme to cover 80% of staff wages up to £2,500 when it opens on 20 April but does not have the funds to pay workers in the interim.
Workers have been sent a letter about the delayed payment, seen by the Guardian, which states that the airline is still waiting to receive rescue financing from the Norwegian state. “Norwegian has not been able to secure the Norwegian government support package as of yet and hence has had to take drastic measures to survive up until May,” the letter said.
In order to unlock state aid from the Norwegian government, the low-cost carrier needs its creditors to approve its rescue plan, which proposes converting 44.5bn kroner (£3.3bn) of debt into equity while issuing new shares, almost wiping out the value of the company’s current shareholder base.
The memo was sent to workers by OSM Aviation UK HR, a crew management company that directly employs Norwegian’s UK crew and is half-owned by Norwegian.
Pilots and cabin crew are warned “an optimistic pay date would be 1 May”, if the UK government furlough funds arrive, but they could receive their April salary as late as mid-May.
The airline said: ‘‘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.”
Norwegian is the third largest low-cost carrier in Europe behind easyJet and Ryanair but in mid-March it grounded most of its fleet until mid-June and temporarily laid off 90% of its staff.
The loss-making airline was trying to overhaul its finances with an emergency cash call even before the spread of the coronavirus resulted in international air travel grinding to a halt.
The company needs to reduce its ratio of debt to equity in order to access the next tranches of support from the Norwegian government. It has offered loan guarantees of up to 3bn krone (£240m) to airlines including Norwegian, with strict conditions attached, and the airline has currently only qualified for around a tenth of the aid.
Existing shares are “all but worthless” according to analysts at City broker Bernstein, adding that the airline needs at least 2.7bn kroner (£175m) of equity.
“Norwegian is at the end of the line. Yet there is hope for the airline and, pending creditor agreement, it may continue to fly,” said the Bernstein analyst Daniel Röska, who added that Norwegian might survive as a carrier focused on the Scandinavian market.
The Guardian
Pilots and cabin crew employed in the UK by the struggling airline Norwegian Air Shuttle have been told they will not receive their April salary because the airline does not have the money to pay them.
The airline asked its 1,000 UK air crew to accept significant pay cuts or redundancy at the end of March but workers have been informed that the airline has “no readily available funds to pay any employees on this coming payday” on 25 April.
The company intends to apply for the UK government’s furlough scheme to cover 80% of staff wages up to £2,500 when it opens on 20 April but does not have the funds to pay workers in the interim.
Workers have been sent a letter about the delayed payment, seen by the Guardian, which states that the airline is still waiting to receive rescue financing from the Norwegian state. “Norwegian has not been able to secure the Norwegian government support package as of yet and hence has had to take drastic measures to survive up until May,” the letter said.
In order to unlock state aid from the Norwegian government, the low-cost carrier needs its creditors to approve its rescue plan, which proposes converting 44.5bn kroner (£3.3bn) of debt into equity while issuing new shares, almost wiping out the value of the company’s current shareholder base.
The memo was sent to workers by OSM Aviation UK HR, a crew management company that directly employs Norwegian’s UK crew and is half-owned by Norwegian.
Pilots and cabin crew are warned “an optimistic pay date would be 1 May”, if the UK government furlough funds arrive, but they could receive their April salary as late as mid-May.
The airline said: ‘‘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.”
Norwegian is the third largest low-cost carrier in Europe behind easyJet and Ryanair but in mid-March it grounded most of its fleet until mid-June and temporarily laid off 90% of its staff.
The loss-making airline was trying to overhaul its finances with an emergency cash call even before the spread of the coronavirus resulted in international air travel grinding to a halt.
The company needs to reduce its ratio of debt to equity in order to access the next tranches of support from the Norwegian government. It has offered loan guarantees of up to 3bn krone (£240m) to airlines including Norwegian, with strict conditions attached, and the airline has currently only qualified for around a tenth of the aid.
Existing shares are “all but worthless” according to analysts at City broker Bernstein, adding that the airline needs at least 2.7bn kroner (£175m) of equity.
“Norwegian is at the end of the line. Yet there is hope for the airline and, pending creditor agreement, it may continue to fly,” said the Bernstein analyst Daniel Röska, who added that Norwegian might survive as a carrier focused on the Scandinavian market.
The Guardian
Da messaggi postati prima mi sembra che la cassa integrazione abbia salvato la base italiana
Gli articoli postati dicono che i rami di Svezia (quella che fino a ieri ha fatto finta che il Covid non fosse affar suo) e Danimarca abbiano lasciato a casa i loro dipendenti. Inoltre quelli di altre "sussidiarie" (non so cosa significhi) di UK, Svezia, Usa, Finlandia.
Salvi al momento quelli di Francia, Italia, Norvegia.
Io non ho mai ben capito tutti i COA e tutte le sottoaziende in capo a Norwegian. Voi?
Svezia e Danimarca hanno dovuto dichiarare bancarotta perchè gli Stati non hanno concesso gli ammortizzatori sociali, quindi non avevano soldi per pagare gli stipendi del personale (almeno, così si intuisce dalla lettura dei diversi articoli che girano).
Una questione che forse molti sottovalutano: i 300 milioni promessi dal governo norvegese per salvare la compagnia (a condizione che i creditori convertano il debito in azionariato societario) non sono proprio bruscolini per un pil nazionale che è un quinto di quello italiano. Siamo sicuri che i cittadini Norvegesi sarebbero disposti a questo sacrificio, sopratutto per salvare una compagnia che chiaramente negli ultimi anni è stata mal gestita?
Non ho una risposta, ma credo sia un punto da non sottovalutare.
Non ho una risposta, ma credo sia un punto da non sottovalutare.
- Stato