Norwegian Air's passenger volume fell by 60% year-on-year in March as the company gradually grounded its fleet amid global efforts to halt the spread of the novel coronavirus.
FILE PHOTO: A Norwegian Air plane is refuelled at Oslo Gardermoen airport, Norway, November 7, 2019. REUTERS/Lefteris Karagiannopoulos/File Photo
A pioneer in low-fare transatlantic air travel, the carrier’s rapid expansion has left it heavily in debt. It has repeatedly raised cash from shareholders in order to stay in business and its Oslo-listed shares have plunged 78% so far this year. Norwegian has said it will cancel 85% of its flights and furlough 90% of staff while seeking financial aid from Norway’s government.
“We will provide further financial and business updates to the Oslo Bourse when it is appropriate to do so,” Chief Executive Jacob Schram said in a statement on Monday.
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