• Home
  • Two Columns Standard

Two Columns Standard

Norwegian will convert debt into equity

by by Apr 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 companies and suppliers.

The proposals include:

  • Parts of the debt of leasing companies, banks and other creditors are sought to be converted into shares in Norwegian.
  • Use of other financial instruments to convert other relevant debt to equity or other equity instruments.
  • All or part

Read More

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

by by Apr 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 a press release.

Because of the corona outbreak, most airlines now refuse to refund air tickets for travel agents and tour operators. The airlines’ international interest organization IATA writes in an open letter that it is the best solution right now, and that it is in …

Read More

Airlines on the edge fear repayments

by by Apr 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 two months on average,” says IATA chief economist Brian Pearce.

Now the airlines are preparing for another round of losses, expecting people to recover around € 35 billion in reimbursements for travel that will never be completed.

The number of flights worldwide has decreased …

Read More

Lufthansa shuts down Germanwings

by by Apr 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 it will put 40 of its 763 aircraft on the ground to cut costs.

In the statement, Lufthansa says they do not expect operating conditions in the airline industry to be as they were before the corona epidemic hit the world.

According to …

Read More

Companies with a revenue drop of 30 percent or more receive cash support

by by Apr 6, 2020 0

This has been the main focus for NHO Reiseliv in the last couple of weeks, and we are pleased that daily and close cooperation with the government has now produced results, says the NHO Reiseliv director.

Companies that have lost revenue of more than 30 percent per month from April 2020 compared to the same month the year before will receive state compensation. For March, the requirement is set at 20 per cent sales failure because the intervening measures were implemented halfway through the month. The amount of support will be determined on the basis of the inevitable fixed costs …

Read More

Advice from Swedens Ministry of Foreign Affairs

by by Apr 6, 2020 0

Do not travel – until the earliest this summer. The Ministry of Foreign Affairs is now extending its travel advice until June. “It is an incredibly difficult position for the airlines,” says Jan Ohlsson, an independent flight analyst.

Due to the corona pandemic, the Ministry of Foreign Affairs decided on Friday to extend its advice to abstain from all unnecessary trips abroad until June 15.

“Now is not the right time to travel – neither domestic nor foreign,” said Foreign Minister Ann Linde (S) in a comment to TT via text message.

Necessary trips include visitor and tourist trips. For …

Read More