) aircraft on order and reported earnings for the peak summer holiday season above expectations, boosting its finances.
CCB Leasing Corp DAC , a wholly owned subsidiary of China Construction Bank Corp , will own 70% of the joint venture, while Norwegian Air’s Arctic Aviation unit will own the remaining 30%. “This agreement will contribute significantly to reducing our current and future capital expenditure,” acting Norwegian Air CEO Geir Karlsen said in a statement.
The airline has shaken up the long-haul market with cut-price transatlantic fares, but its rapid expansion left it with hefty losses and high debts, forcing it to raise cash from shareholders and postpone debt payments earlier this year.
Norwegian air sucks.
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