BREAKING Norwegian Air reports 91% traffic fall amid search for more cash

04/09/2020

Norwegian Air , which is attempting to secure a second round of financial restructuring, saw a 91% decline in August passenger volume from a year earlier.

Norwegian flew 313,316 passengers in August compared to 3.5 million in August 2019.

Only 62.1per cent of its seats were filled on average, down from 90per cent a year earlier, Norwegian said.

With its transatlantic business on hold and European routes limited, much of Norwegian’s business is currently concentrated on Norway, Sweden and Denmark.

Norwegian Air , which is attempting to secure a second round of financial restructuring, saw a 91per cent decline in August passenger volume from a year earlier as most of its fleet remained grounded by the coronavirus pandemic, it said on Friday.

The budget carrier has said it will fly 25-30 of its aircraft in the months ahead, while more than 100 remain parked.

Creditors and lessors took control of Norwegian in May with a financial rescue that allowed it to access state-guaranteed loans of 3 billion Norwegian crowns (US$336 million) and thus prevent a collapse.

The company said last week it hopes to complete a second refinancing by year-end to avoid running out of funds by April of 2021, and is also in talks with Norway’s government over additional support.