{"id":235909,"date":"2020-05-05T06:58:00","date_gmt":"2020-05-05T04:58:00","guid":{"rendered":"http:\/\/www.travelreport.se\/?p=235909"},"modified":"2024-02-02T12:42:18","modified_gmt":"2024-02-02T12:42:18","slug":"norways-ceo-may-need-more-money-soon","status":"publish","type":"post","link":"https:\/\/www.travelreport.se\/en\/norwegians-vd-kan-behovas-mer-pengar-snart\/","title":{"rendered":"Norwegian CEO: More money may be needed soon"},"content":{"rendered":"<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"673\" height=\"441\" src=\"https:\/\/www.travelreport.se\/wp-content\/uploads\/2020\/05\/Skarmavbild-2020-05-05-kl.-06.26.50.png\" alt=\"\" class=\"wp-image-235910\" srcset=\"https:\/\/www.travelreport.se\/wp-content\/uploads\/2020\/05\/Skarmavbild-2020-05-05-kl.-06.26.50.png 673w, https:\/\/www.travelreport.se\/wp-content\/uploads\/2020\/05\/Skarmavbild-2020-05-05-kl.-06.26.50-300x197.png 300w\" sizes=\"(max-width: 673px) 100vw, 673px\" \/><figcaption>Photo: Norwegian<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The relief in Norwegian management is great since they managed to push through their crisis plan on Monday and save the company from certain bankruptcy.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But even before the end of the year, more money may be needed, CEO Jacob Schram tells Di.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On Monday, Norwegian shareholders voted by an overwhelming majority to approve a new share issue of up to 400 million Norwegian kroner, and to allow the company&#039;s bond and lease debt holders to convert parts of the debt into shares in the company.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The maneuver, which is intended to increase the company&#039;s equity and thereby meet the conditions for the Norwegian state&#039;s support package of 2.7 billion Norwegian kroner, involves a brutal dilution for today&#039;s shareholders, who go from an ownership stake of 100 percent to 5.2 percent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Norwegian is reducing its debt by around 10 billion Norwegian kroner and will, after the restructuring, increase its share of equity to 15-17 percent, in line with comparable airlines. The money will last until the end of the year, but Jacob Schram already admits that more liquidity may be needed soon.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201d&quot;Our plans are that we will fly as we do today, with seven planes in Norway, until March 2021. Then the plan is to gradually increase the number of flights until 2022 when we hope to reach full production again. But if demand comes back faster and we need to fly more, more liquidity is needed.&quot;\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The start of the business<\/strong>&nbsp;is critical from several aspects. It becomes something of a tightrope walk to start flying again while at the same time avoiding costs you don&#039;t have coverage for.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201d&quot;Secondly, it will be important to only meet the demand that is most profitable, we must become better at predicting which types of routes are sustainable and which do not only last a week or two a year.&quot;\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once again, Norwegian is placing its hope in the state to help.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201d&quot;It has been explicitly stated that the crisis aid we are now receiving is intended to last until June. If the corona pandemic lasts longer than that, more measures will be required and this is confirmed by the Minister of Transport (Knut Arild Hareide, Christian People&#039;s Party),&quot; says Jacob Schram.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With the conversion of debt to shares, Norwegian will have a completely new ownership structure, where the large leasing companies will become new major owners. From the company&#039;s point of view, there are several advantages to this, says Jacob Schram.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201dFirst and foremost, they know the aviation industry. Second, we have a good collaboration with them.\u201d&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Thirdly, the agreement helps Norwegian reduce costs, he says.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201dWe won\u2019t pay air charter when we\u2019re not using the plane, and now we only pay for the hours we use the plane. The difference between what we would have paid and what we actually pay is converted into shares, which significantly reduces operating costs.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The fourth advantage that Jacob Schram highlights is that the leasing companies, by virtue of their weight and size, significantly improve Norwegian&#039;s negotiating position in the future.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Source: di.se<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>","protected":false},"excerpt":{"rendered":"<p>L\u00e4ttnaden i Norwegianledningen \u00e4r stor sedan man p\u00e5 m\u00e5ndagen lyckades baxa igenom sin krisplan och r\u00e4dda bolaget fr\u00e5n ett s\u00e4kert konkurs\u00f6de.&nbsp; Men redan innan \u00e5rets slut kan det beh\u00f6vas mer pengar, s\u00e4ger vd Jacob Schram till Di. P\u00e5 m\u00e5ndagen r\u00f6stade\u00a0aktie\u00e4garna i\u00a0Norwegian\u00a0med f\u00f6rkrossande majoritet f\u00f6r att dels godk\u00e4nna en nyemission p\u00e5 upp till 400 miljoner norska [&hellip;]<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[85,291,858],"class_list":["post-235909","post","type-post","status-publish","format-standard","hentry","category-travel-report","tag-flyg","tag-norwegian","tag-transport"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Norwegians vd: Kan beh\u00f6vas mer pengar snart &#8211; Travel Report<\/title>\n<meta name=\"description\" content=\"Norwegians vd: Kan beh\u00f6vas mer pengar snart \u2013 L\u00e4s senaste nyheterna fr\u00e5n resebranschen p\u00e5 Travel Report.\" 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