Norwegian notes 'significant risk' of insolvency if it can't obtain additional liquidity in 1Q2021

28 August, 2020

Norwegian stated (28-Aug-2020) there is "significant uncertainty" surrounding the long term effects of the COVID-19 pandemic. The airline expects that additional working capital will be required during 1Q2021 in order to meet its own operating obligations for the next 12 months. It added that while there is "significant risk" of insolvency should it not reach an agreement with its creditors, it affirmed there are "reasonable prospects" to doing so through additional financing, additional private placement of shares, reconsidering the business plan and scale of operations, selling and refinancing assets or pursuing other sources of finance. [more - original PR]