Norwegian Air Shuttle, Shares Fall as Company Seeks Bankruptcy Protection

Norwegian Air Shuttle, one of Europe’s largest airlines, has filed for bankruptcy protection in Ireland as it struggles with the impact of the coronavirus pandemic.

The airline said in a statement that it had filed for examinership, a form of bankruptcy protection in Ireland, in order to “protect its assets and operations while it implements a restructuring plan.”

Norwegian has been hit hard by the pandemic, which has led to a collapse in air travel demand. The airline has been forced to cancel flights and lay off staff, and it is now burning through cash at a rate of £43 million (US$57 million) a month.

Norwegian’s bankruptcy filing is the latest in a series of airline bankruptcies that have been caused by the pandemic.

In the United States, several major airlines, including United Airlines, Delta Air Lines, and American Airlines, have received government bailouts to help them stay afloat. However, Norwegian has not received any such assistance, and it is now facing an uncertain future.

The airline’s bankruptcy filing is likely to have a significant impact on the aviation industry. Norwegian is a major player in the European market, and its collapse could lead to higher fares and reduced competition.

The bankruptcy filing is also a blow to the Irish government, which has been a major supporter of Norwegian.

The government has provided the airline with £300 million (US$397 million) in loans and guarantees, and it is now facing the prospect of losing that money.

Shares in Norwegian Air Shuttle fell by more than 50% on the Oslo Stock Exchange following the announcement of the bankruptcy filing.

The airline’s future is now uncertain. It is possible that it will be able to restructure and emerge from bankruptcy as a stronger company. However, it is also possible that the airline will be forced to liquidate its assets and cease operations.