Norwegian Air: The Airline is ‘Fully Funded’ Through 2020

By Accura News on 8 November 2019
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IMG_5032 (1)Norwegian Air announced the closing of a 2.5 billion Norwegian krone ($2.74 million) round of funding on Friday.

The Bærum, Sweden-based airline said that the financing will support the company’s plans through at least the year 2020.

“After the completion of the transactions, Norwegian is fully funded through 2020 and beyond based on the current business plan,” the company said in a statement.

The airline’s acting CEO sees the funding as opening a new chapter for the company.

“The capital raise will secure required financing of working capital during the winter season and create financial headroom as the company moves from growth to profitability,” said acting CEO Geir Karlsen. “The actions we are now taking will enable us to embark on the next chapter of Norwegian, to the benefit of all shareholders, customers and employees.”

Last month, the airline said it plans for a joint venture with China Leasing International to finance new aircraft over the next four years. China Leasing International, which is owned by China Construction Bank, will hold a 70% stake in the joint venture, which will initially cover the 27 Airbus A320 Neo aircraft that Norwegian has on order.

(Photo: Accura Media Group)