: Low-cost airline Norwegian Air Shuttle, which was struggling even before the Covid-19 pandemic paralysed the aviation industry, said Friday its losses quadrupled in the first half of 2020.
“This is the biggest crisis in the history of aviation since World War II and that has of course affected us,“ chief executive Jacob Schram said as he presented the earnings report. Norwegian has avoided bankruptcy thanks to a rescue package allowing it to convert part of its large debt into new shares, thereby meeting the Norwegian government’s condition for it to receive guarantees worth three billion kroner.Norwegian’s share price was down by seven percent in midday trading. The share has lost 97 percent of its value since the beginning of the year.
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