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Norwegian gets more time to pay off bonds

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Norwegian Boeing 737-800, © Norwegian
OSLO - Norwegian Air's bondholders have accepted the company's plea to postpone repayment of 380 million US Dollars by up to two years, providing the loss-making airline some financial relief.

In return, Norwegian has promised to pay a premium on the bonds while also pledging lucrative take-off and landing slots at London's Gatwick Airport as security.

Norwegian Air is Europe's third-largest budget airline by passenger numbers after Ryanair and easyJet and has shaken up the market with cut-price transatlantic fares. But its rapid expansion has left it with hefty losses and high debt.

It was forced to raise three billion Norwegian crowns (335 million US Dollars) from shareholders this year, and said on Monday its working capital had decreased in 2019, partly due to tighter industry rules on advance ticket payments.

It also said the worldwide grounding of Boeing's 737 MAX plane was lasting longer than expected, dealing another blow to its finances. Norwegian has 18 of the aircraft.

The company's bonds, which mature in December 2019 and August 2020, will be extended to November 2021 and February 2022.
© Reuters, aero.uk | 01.10.2019 09:19


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