) 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.
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Norwegian air sucks.