
Audio By Carbonatix
Struggling airline Norwegian Air faces a battle for survival after the Norwegian government said it would not provide further backing.
Extra loan guarantees would be too "risky" and "not defensible", the country's government said.
Covid: Norwegian Air faces 'very uncertain future': The airline faces a battle for survival after the Norwegian government declines further support. https://t.co/Vc7Z4P4ENU pic.twitter.com/zWhJzpQEsz
— PMA Accountants (@PMA_Accountants) November 9, 2020
The airline said it faced a "very uncertain future" with "ventilator support" needed to survive the winter.
Norwegian Air said in August it would run out of money in the first quarter of 2021 without extra cash.
The airline, which like the rest of the sector has been hit hard by the coronavirus crisis and has grounded most of its fleet, has been holding talks with the government to try to gain more backing.
"The fact that our government has decided to refrain from providing Norwegian with further financial support is very disappointing and feels like a slap in the face for everybody at Norwegian who is fighting for the company when our competitors are receiving billions in funding from their respective governments," said chief executive Jacob Schram.
"The company and the board will turn every stone to get through this situation," Mr Schram told a news conference, noting that Norwegian has not run out of cash yet.
"But we need ventilator support to get through the winter," he said.
Norwegian shares plunged on Monday morning, extending their drop this year to a 99% fall.
Latest Stories
-
Ken Ashigbey commends government for restoring Achimota Forest Reserve’s protected status
2 minutes -
Accra Hearts of Oak deny placing valuation on Benjamin Asare
9 minutes -
Global InfoAnalytics poll puts Nii Lantey Vanderpuye ahead in NDC national chairmanship race
10 minutes -
Jamaican reggae star Fantan Mojah dies at 49
14 minutes -
NDC flagbearership race: Asiedu Nketia’s lead narrows as Ato Forson gains ground – Global InfoAnalytics poll
16 minutes -
61% of NDC delegates want Asiedu Nketia to remain party chairman – Global InfoAnalytics
21 minutes -
Iran threatens to block more trade routes as US launches fresh strikes
32 minutes -
Era of impunity over; illegal mining financiers will be pursued without fear or favour – Lands Minister
37 minutes -
Majority counters Minority’s 24-hour economy criticism with cocoa spending claims
38 minutes -
Supreme Court justice describes wearing bulletproof vest and ‘swatting’ hoax at home
39 minutes -
CTVET boss Zakaria Sulemana rallies Ghana to invest in youth skills at World Youth Skills Day 2026 conference
45 minutes -
Public institutions resistance, absence of L.I undermining RTI Act implementation -Transparency Int’l Ghana
47 minutes -
Weija-Gbawe NPP members petition NEC to annul constituency elections over alleged irregularities
48 minutes -
Ghana’s natural resources will benefit all, not a privileged few – Lands Minister
51 minutes -
Wontumi swears in Bantama NPP executives, sets focus on 2028 comeback
52 minutes