Apparently , Norwegian , after raising necessary funds and evolving out of the verge of the Bankruptcy , is trying to consolidate now , when competitors like Norse Atlantic Aiways is on the door with it's long-haul low-cost airline model.
Looking back , on 26th may 21, Norwegian officially ended its bankruptcy protection status, having rid itself of most of its debt after raising NOK 6 billion ($721 million) in fresh capital, while Irish and Norwegian courts had set the bar at NOK 4.5 billion ($536 million) to approve the airline’s exit from bankruptcy protection.
Though a smaller airline, challenges still linger and it seems Norwegian is taking it head on, and the Carrier announced today,
"Norwegian continues to selectively grow its aircraft fleet, and the company is pleased to announce that it has entered into agreement to lease two Boeing 737 MAX 8 aircraft."
“This agreement is an important step in Norwegian’s plan to build an efficient and modern fleet for the future. The flexibility of ‘power-by-the-hour’ will allow us to manage our capacity through the low season adjusting for variations in seasonal demand,” said Geir Karlsen, CEO of Norwegian.
Among the latest developments , Hans-Jørgen Wibstad has been appointed as Chief Financial Officer of Norwegian, who will take up the position no later than June 1st 2022.
Hans-Jørgen Wibstad has been appointed Chief Financial Officer of Norwegian. He will take up the position no later than June 1st 2022.https://t.co/zaefoIcqis
— Norwegian (@Fly_Norwegian) November 24, 2021
Now, on the Leased Boeing 737Max aircraft, the delivery will begin shortly to enable Norwegian to fulfil the announced Summer 2022 flying programme with approximately 270 routes.
The lease term for each aircraft is for nine years. The agreement includes ‘power-by-the-hour’ (PBH) arrangements for both the IATA Winter Seasons 2021/22 and 2022/23, giving Norwegian necessary flexibility to manage capacity through the low season.
Finally, Norwegian has the option, under the agreement, to substitute the subject 737 MAX 8 aircraft for new technology narrow-body aircraft from Airbus. The lessor is well reputed and has a longstanding relationship with Norwegian.
The transaction will enable Norwegian to continue its focus on offering the most environmentally friendly travel options for our customers
Norwegian was founded in 1993 but began operating as a low-cost carrier with Boeing 737 aircraft in 2002. Since then, our mission has been to offer affordable fares for all and to allow customers to travel the smart way by offering value and choice throughout their journey.
Norwegian operates a short haul network across the Nordics and to key European destinations providing customers with excellent quality at affordable fares.
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