Blog

September 21, 2020

Compensation plan for tourism of up to NOK 1 billion

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The government is introducing a compensation plan of up to NOK 1 billion for tourism companies. In addition, they will provide NOK 250 million for restructuring.

On Monday 21 September, the government will present new proposals for relief measures for industries that are acutely affected by the authorities’ corona measures. Tourism is among the industries...

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May 4, 2020

Norwegians shareholders agree to the crisis plan

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An overwhelming majority of Norwegians’ shareholders have voted in favor of the group management’s rescue plan, which will prevent the company from going bankrupt.

The vast majority of shareholders voted in Monday’s extraordinary general meeting, yes, on all the important points in the rescue plan, reports Dagens Næringsliv.

The goal of the plan for CEO Jacob...

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April 13, 2020

Scandic closes 17 of 27 Danish hotels

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Scandic is temporarily shutting down 17 of its 27 hotels in Denmark. For now, the closures are in effect until after Easter.

Scandic Hotels are temporarily shutting down 17 of its 27 hotels. The closures are a consequence of the COVID-19 epidemic and are valid until 14 April.

The hotel chain has so far laid off...

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April 13, 2020

TUI signs German bridge loan

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KFW and TUI AG confirm the signing of a € 1.8 billion government bridge loan. The loan is guaranteed by the German federal government as part of their Covid-19 support program.

TUI’s current credit facility, the RCF Bank Consortium, supports the KFW loan and adds EUR 1.8 billion to TUI’s existing credit line.

Following the introduction...

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April 13, 2020

Norwegian will convert debt into equity

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The Norwegian Board of Directors will, through a number of measures, strengthen the company’s balance sheet and fulfill the Norwegian authorities’ terms in Trades Two and Three of the Government’s loan guarantee scheme.

The Board of Directors proposes that debt be converted to equity by entering into agreements with, among other things, bondholders, lenders, leasing...

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April 8, 2020

Airlines on the edge fear repayments

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The airlines are at risk of losing everything after canceled flights and demands from millions of travelers to get money back, IATA says.

The International Aviation Authority reports on Tuesday that a number of companies will run out of funds if the flights continue to flatten out.

“The companies only have liquidity to carry on for...

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April 8, 2020

Lufthansa shuts down Germanwings

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Lufthansa is closing down low-cost airline Germanwings to cut costs and survive the corona crisis.

– Germanwings flights will not continue. The consequences of this decision will be discussed with the unions, a statement from the company says.

Germanwings is wholly owned by Lufthansa, which also owns Eurowings, SWISS, Brussels Air and Austrian Airlines.

The company says...

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