{"id":17372,"date":"2020-11-10T21:41:29","date_gmt":"2020-11-10T21:41:29","guid":{"rendered":"https:\/\/www.africa-press.com\/kenya\/?p=17372"},"modified":"2020-11-10T21:41:29","modified_gmt":"2020-11-10T21:41:29","slug":"norwegian-air-says-it-could-run-out-of-cash-in-early-2021","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/economy\/norwegian-air-says-it-could-run-out-of-cash-in-early-2021","title":{"rendered":"Norwegian Air says it could run out of cash in early 2021"},"content":{"rendered":"

Author: REUTERS\u00a0<\/strong>
\nAfricaPress-Kenya:<\/strong> Pandemic-hit Norwegian Air could run out of cash in the first quarter of 2021 unless it secures fresh funding, the budget carrier said while reporting third-quarter results on Tuesday.<\/p>\n

The airline\u2019s cash and cash equivalents stood at 3.4 billion crowns ($376 million) at the end of September, down from 4.98 billion crowns at the end of June.<\/p>\n

\u201cNorwegian is dependent on additional working capital in order to continue operating through the first quarter of 2021 and beyond,\u201d the carrier said in its earnings report for the July-September quarter.<\/p>\n

Norway\u2019s government on Monday rejected a plea for more state support, arguing it was too risky, and the company soon after said it would furlough 1,600 more staff, leaving just 600 people still working, down from a pre-pandemic 10,000.<\/p>\n

\u201cOur third-quarter results clearly show that the effects of the global COVID-19 pandemic continue to heavily impact our operations and financial position,\u201d Norwegian\u2019s Chief Executive Jacob Schram said in a statement on Tuesday.<\/p>\n

The company said funding could potentially come from debt refinancing, a sale of aircraft and other assets, a conversion of debt to equity or from its owners.<\/p>\n

Norwegian\u2019s operating loss stood at 2.8 billion crowns in the July-September period, down from a profit of 3.0 billion in the same months of 2019.<\/p>\n

A pioneer in low-fare transatlantic air travel, Norwegian Air\u2019s rapid expansion left it with overall debt and liabilities of 66.8 billion crowns by the end of the third quarter, making it vulnerable to the fallout from the COVID-19 pandemic.<\/p>\n

The company\u2019s interest-bearing debt stood at 48.5 billion crowns, down from 61.7 billion at the start of the year as parts of its debt had been converted to equity in May.<\/p>\n

Norwegian will now operate just six of its 140 aircraft, down from 21 last month, leaving most of its short-haul planes grounded as well as its entire fleet of 37 Boeing 787 Dreamliners used for transatlantic journeys.<\/p>\n

The company\u2019s share price has fallen by 99 per cent so far this year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Author: REUTERS\u00a0 AfricaPress-Kenya: Pandemic-hit Norwegian Air could run out of cash in the first quarter of 2021 unless it secures fresh funding, the budget carrier said while reporting third-quarter results on Tuesday. The airline\u2019s cash and cash equivalents stood at 3.4 billion crowns ($376 million) at the end of September, down from 4.98 billion crowns […]<\/p>\n","protected":false},"author":84,"featured_media":17369,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[2309,1539,876,6435],"class_list":["post-17372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-aviation","tag-covid-19","tag-kenya-airways","tag-norwegian-air"],"yoast_head":"\nNorwegian Air says it could run out of cash in early 2021 - kenya<\/title>\n<meta name=\"description\" content=\"Pandemic-hit Norwegian Air could run out of cash in the first quarter of 2021 unless it secures fresh funding, the budget carrier said while\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/economy\/norwegian-air-says-it-could-run-out-of-cash-in-early-2021\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Norwegian Air says it could run out of cash in early 2021\" \/>\n<meta property=\"og:description\" content=\"Pandemic-hit Norwegian Air could run out of cash in the first quarter of 2021 unless it secures fresh funding, the budget carrier said while\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/economy\/norwegian-air-says-it-could-run-out-of-cash-in-early-2021\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-10T21:41:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2020\/11\/airline_says_it_coul5faa6791694dd.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"728\" \/>\n\t<meta property=\"og:image:height\" content=\"425\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/norwegian-air-says-it-could-run-out-of-cash-in-early-2021#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/norwegian-air-says-it-could-run-out-of-cash-in-early-2021\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Norwegian Air says it could run out of cash in early 2021\",\"datePublished\":\"2020-11-10T21:41:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/norwegian-air-says-it-could-run-out-of-cash-in-early-2021\"},\"wordCount\":335,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/norwegian-air-says-it-could-run-out-of-cash-in-early-2021#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2020\/11\/airline_says_it_coul5faa6791694dd.jpg\",\"keywords\":[\"Aviation\",\"COVID-19\",\"Kenya Airways\",\"Norwegian Air\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/economy\/norwegian-air-says-it-could-run-out-of-cash-in-early-2021#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/norwegian-air-says-it-could-run-out-of-cash-in-early-2021\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/economy\/norwegian-air-says-it-could-run-out-of-cash-in-early-2021\",\"name\":\"Norwegian Air says it could run out of cash in early 2021 - 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