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Norwegian Air’s nail-biting $1 billion debt-for-equity swap with bondholders and lessors on May 4 has given the struggling airline vital breathing room, allowing it to access up to an equivalent of $290 million of state-guaranteed loans.
But according to one prominent aviation banker, the deal will just delay the airline’s eventual demise, at best through a takeover.
Even before the coronavirus crisis, Norwegian’s future was in doubt, after years of aggressive growth as a long-haul budget airline.
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