Tag: norwegian air

China has acquired a stake in budget airline Norwegian Air after the cash-strapped carrier underwent a major restructuring, according to a notification to the Oslo Stock Exchange. BOC Aviation, owned by the Chinese government via subsidiaries including Bank of China and China Investment Corporation, has emerged as one of the new owners of the Norwegian low-cost airline. “Upon completion of the conversion [of lease obligations], BOC Aviation will hold 389,053,742 shares in NAS [Norwegian Air Shuttle ASA], representing 12.67% of the outstanding shares and votes in the Company,” read the notification. AerCap, a top aircraft leasing company headquartered in Ireland, ... Read more

Norwegian Air will suspend almost all ts flights and temporarily lay off majority of its staff, as a the corona virus scare has choked the demand for air travel. The carrier has said that it will cancel 85% of its flight and lay off 90% of its staff that translates into 7,300 employees. “What our industry is now facing is unprecedented and critical as we are approaching a scenario where most of our airplanes will be temporarily grounded,” Norwegian Air said in a statement. The company will primarily fly a reduced schedule domestically in Norway and between the Nordic capitals. ... Read more