Norwegian receives EUR 275 million in state aid

Norwegian will receive EUR 275 million in state aid to prevent bankruptcy. The Norwegian government has officially announced that they will support Norwegian. The Norwegian government guarantees the multi-million loan. In the coming period, Norwegian will have to get its financial affairs in order. Even before the start of the corona crisis, Norwegian was already struggling. Due to the stoppage of all flights Norwegian almost went bankrupt. Previously, creditors had already agreed to convert 1.2 billion euros of debt into Norwegian shares.

CEO Jacob Schram

Norwegian CEO Jacob Schram is relieved by the state aid granted. Norwegian remains upright. Jacob Schram says the following about it:

I want to thank everyone who supported the company during this unprecedented crisis. The government and parliament, customers, employees, shareholders, leasing companies, creditors, the travel industry and others.

Reorganization

The state aid of EUR 275 million allows Norwegian to continue the reorganisation started before the corona crisis. Jacob Schram indicates that it will be a challenging time for Norwegian. At the beginning of this year it was expected that Norwegian would finally make a profit again, but this objective has already cancelled. It will still take months before all European and intercontinental flights will be carried out again.

(c) Photo: Norwegian