Having grown quickly to turn into Europe’s third-largest low-cost airline and one of many few to use the funds mannequin to transatlantic flights, Norwegian Air is preventing for its survival once more after the Oslo authorities on Monday dominated out additional assist.
Following are key dates within the firm’s 27-year historical past.
Aug. 28: Norwegian Air says it might want to safe funding this yr for the following 18 months or extra to see it by the COVID-19 pandemic after reporting first-half losses of $610 million.
Might 18: Norwegian Air completes a cut-price share sale and wins bondholders’ backing for a refinancing, permitting it to proceed working with a slimmed-down schedule.
March 24: The airline receives an preliminary authorities money injection of 300 million Norwegian crowns ($29 million).
March 16: Norwegian says it’s cancelling 85% of its flights and quickly shedding 7,300 workers due to the coronavirus outbreak.
March 5: Firm scraps its 2020 earnings steering and cancels a few of its transatlantic flights.
Feb. 13: Norwegian says it should make deeper capability cuts in 2020 than beforehand introduced because it goals to return to revenue after three consecutive years of losses.
Nov. 20: Appoints Jacob Schram as CEO. Schram, who doesn’t have a background in aviation, had labored for consulting firm McKinsey amongst earlier roles.
Nov. 5: Raises 2.5 billion Norwegian crowns to fulfill its money wants by 2020 with its third share sale in two years and a bond problem.
Sept. 16: Norwegian’s bondholders settle for the corporate’s plea to postpone compensation of $380 million by as much as two years. Aug. 19: Agrees to promote its stake in banking firm Norwegian Finans Holding for two.22 billion crowns.
July 11: Co-founder Bjoern Kjos steps down as CEO.
April 10: Norwegian postpones Airbus airplane deliveries scheduled for 2019 and 2020, reducing its capital spending by $570 million.
March 12: Norwegian grounds its Boeing 737 MAX 8 jets after a deadly crash of an Ethiopian Airways 737 MAX.
Feb. 18-19: Norwegian declares deep-discount share problem at solely a 3rd of the market value.
Jan. 24: Worldwide Consolidated Airways Group (IAG), the proprietor of British Airways, says it won’t make a bid for Norwegian and can promote its stake within the firm.
Might 4: Board confirms that it has obtained two separate conditional proposals from IAG Group in relation to an acquisition of 100% of its share capital.
April 12: Norwegian is notified that IAG has acquired 4.6% of the shares within the firm.
Norwegian raises 1.3 billion crowns in a share sale to assist to fund its enlargement and address increased gasoline prices after warning of a bigger than anticipated loss within the quarter.
July 17: Norwegian’s first flight utilizing the Boeing 737 MAX takes off from Edinburgh.
Oct. 22: Norwegian orders 19 Boeing 787-9 Dreamliners, greater than quadrupling its long-haul fleet.
Might 30: Norwegian’s first intercontinental flight departs from Oslo to New York.
Jan. 25: Norwegian orders 122 planes from Boeing, 100 of that are Boeing 737 MAX 8 jets. The airline additionally enters settlement with Airbus about shopping for 100 Airbus A320neo jets. In whole, the planes are value 127 billion Norwegian crowns.
Feb. 8: Norwegian turns into the primary airline to supply free WiFi on European flights.
April 24: Norwegian buys FlyNordic from Finnair and turns into the most important low-cost airline in Scandinavia.
Dec. 18: Norwegian shares are listed on Oslo Inventory Change.
Sept. 1: Norwegian Air Shuttle (NAS) rebrands as Norwegian and begins working with Boeing 737-300 planes.
Jan. 22: Norwegian Air Shuttle is based and takes over regional airline companies on Norway’s West Coast. Flights are operated in cooperation with Norwegian airline Braathens. NAS initially operates with a fleet of three leased Fokker 50. ($1 = 9.4785 Norwegian crowns)