Norwegians shareholders agree to the crisis plan

by on May 4, 2020 0

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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TUI signs German bridge loan

by on April 13, 2020 0

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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Norwegian will convert debt into equity

by on April 13, 2020 0

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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Airlines on the edge fear repayments

by on April 8, 2020 0

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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Lufthansa shuts down Germanwings

by on April 8, 2020 0

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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Norwegian Air founder reducing shareholdings

by on April 3, 2020 0

A flagship announcement to the Oslo Stock Exchange on Tuesday shows that former Norwegian CEO Bjørn Kjos, his family and business partner Bjørn Kise are reducing their share holdings in the company.

According to Dagens Næringsliv, Kjos and Kise’s company HBK Holding is downsizing to a 4.46 percent ownership interest in the airline...

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Losing 250 million Kroner a month

by on March 30, 2020 0

Petter Stordalen’s hotels have major problems related to the corona epidemic. The tourism magnate fears full collapse.

Stordalen’s hotels lose NOK 250 million a month and have ten billion in debt, writes Dagens Næringsliv.

The entire travel industry is struggling with few bookings due to travel restrictions during the corona crisis. Now Stordalen admits that the...

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Cruise losses in the billions

by on March 30, 2020 0

Cruise traffic has stopped completely. As a result, Norwegian ports miss out on almost four million visits – with similar financial consequences for local tourism operators.

It’s been two weeks since the last cruise ship docked in Norway. When it comes next, nobody knows. Border control during the corona epidemic makes it practically impossible for...

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