{"id":240102,"date":"2022-11-04T06:48:00","date_gmt":"2022-11-04T05:48:00","guid":{"rendered":"https:\/\/www.travelreport.se\/?p=240102"},"modified":"2022-11-04T06:48:00","modified_gmt":"2022-11-04T05:48:00","slug":"norwegian-airline-collapses-on-stock-exchange-forced-to-issue-emergency-shares","status":"publish","type":"post","link":"https:\/\/www.travelreport.se\/en\/norskt-flygbolag-kollapsade-pa-borsen-tvingas-till-krisemission\/","title":{"rendered":"Norwegian airline collapses on the stock exchange \u2013 forced to issue emergency shares"},"content":{"rendered":"<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.travelreport.se\/wp-content\/uploads\/2022\/11\/Skarmavbild-2022-11-04-kl.-04.41.20-1024x369.png\" alt=\"\" class=\"wp-image-240103\"\/><figcaption>PHOTOGRAPHER ADRIAN OLSTAD<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The Norwegian airline Flyr, founded by Erik G. Braathen two years ago, collapsed on the Oslo Stock Exchange after being forced into a new share issue.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Just a few days ago, one of competitor Norwegian&#039;s major owners took a short position in Flyr in the belief that the stock would fall.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When the corona pandemic was at its worst in the summer of 2020, Erik G. Braathen, former board member of Norwegian and CEO of Braathens, took the opportunity to start a new airline with the ambition of taking a share of the Norwegian passenger market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company went public in March 2021, but the share price has been very dismal since then. On Thursday, the stock plunged another 55 percent after the company announced that it was forced to issue new shares to fill its coffers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In total, the company will raise 430 million Norwegian kroner in a so-called &quot;crisis issue&quot; where the subscription price is set at 1 \u00f6re per share. After Thursday&#039;s crash, the share is trading for 12 \u00f6re.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201dThe price per share has been set low to highlight that this is a restart,\u201d says Flyr CEO Tonje Wikstr\u00f8m Frislid in a comment according to&nbsp;<a href=\"https:\/\/e24.no\/boers-og-finans\/i\/gEwLVA\/flyr-vil-hente-430-millioner-i-kriseemisjon\">E24<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company also plans to carry out an additional issue of SEK 100 million directed at existing shareholders.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On Thursday, Flyr also released its report for the third quarter, which showed sales of SEK 610 million and a net loss of SEK 453 million.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Notably, competitor Norwegian&#039;s major owner Sundt AS, which is owned by investor Helene Else Sundt and her brother Christian Sundt, has speculated on a price drop for Flyr. Just a few days ago, they took a short position in Flyr corresponding to 0.51 percent of the shares, writes&nbsp;<a href=\"https:\/\/www.dn.no\/luftfart\/norwegian-storeier-tok-opp-nytt-veddemal-pa-kurskollaps-i-flyr-rett-for-kriseemisjonen\/2-1-1345737\">Dagens N\u00e6ringsliv<\/a>. Considering that the issue price is set at 1 \u00f6re, the short sale looks to be very successful.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Flyr shares have plunged by over 97 percent since their listing last spring. The shares are traded on Euronext Growth, which can be compared to Sweden&#039;s First North, in Oslo. Erik G. Braathen is the largest owner of Flyr with 8.5 percent of the shares.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company flies domestically in Norway, but also to a number of major cities and tourist destinations in Europe.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Source: DI.SE<\/p>","protected":false},"excerpt":{"rendered":"<p>Det norska flygbolaget Flyr, som grundades av Erik G. Braathen f\u00f6r tv\u00e5 \u00e5r sedan, kollapsade p\u00e5 Oslob\u00f6rsen efter att ha tvingats till en nyemission. F\u00f6r bara n\u00e5gra dagar sedan tog en av konkurrenten Norwegians stor\u00e4gare en kort position i Flyr i tron om att aktien skulle falla. N\u00e4r coronapandemin&nbsp;h\u00e4rjade som v\u00e4rst sommaren 2020 passade Erik [&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":[195,494,193],"class_list":["post-240102","post","type-post","status-publish","format-standard","hentry","category-travel-report","tag-tag-flyg","tag-flyr","tag-tag-turism"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Norskt flygbolag kollapsade p\u00e5 b\u00f6rsen \u2013\u00a0tvingas till krisemission &#8211; Travel Report<\/title>\n<meta name=\"description\" content=\"Norskt flygbolag kollapsade p\u00e5 b\u00f6rsen \u2013\u00a0tvingas till krisemission \u2013 L\u00e4s senaste nyheterna fr\u00e5n resebranschen p\u00e5 Travel Report.\" \/>\n<meta name=\"robots\" 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