OSLO, Aug 31 — Norwegian Air said today it would not need to raise more cash as easing Covid-19 travel restrictions lifted bookings, although the budget carrier which has emerged from bankruptcy proceedings did not provide a 2021 outlook.last year, forcing it to terminate its transatlantic network and to cut more than 6,000 jobs to survive. It now has about 3,000 employees.
“We will very much be ready for the peak season , so there is no risk today that we will have to go out and get more capital in the foreseeable future,” Chief Executive Geir Karlsen told Reuters. Bookings have risen in response to relaxation of travel restrictions and the roll-out of vaccines, Norwegian said, adding that it expected a further boost in the second quarter of 2022 when holiday travel was expected to pick up.
Norwegian’s debt was reduced by around 80 per cent during reconstruction as creditors took control, but the company now faces fresh competition from Flyr on domestic routes in Norway and some foreign destinations.