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Norwegians shareholders agree to the crisis plan

by 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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Scandic closes 17 of 27 Danish hotels

by April 13, 2020 0

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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TUI signs German bridge loan

by 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 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 owe two billion SEK to Swedish travel agencies and tour operators

by April 8, 2020 0

Airlines from all over the world owe Swedish travel agencies and tour operators SEK 2 billion for travel canceled due to corona. Although the reimbursement obligation is statutory, most airlines do not pay. “In the end, consumers risk losing their money,” said Didrik von Seth, secretary general of the travel industry association SRF in...

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Airlines on the edge fear repayments

by 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 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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