Norwegian Air’s rise and battle for survival

Having grown rapidly to become Europe’s third-largest low-cost airline and one of the few to apply the budget model to transatlantic flights, Norwegian Air (NORR.OL) has been fighting for its survival.

On Wednesday, the carrier said it aimed to raise up to 6 billion crowns ($711 million) in fresh capital before emerging from bankruptcy protection next month, more than the 4.5 billion originally planned.

Following are key dates in the company’s 28-year history.

April 12: Wins approval from creditors in Norway and an Oslo court for its planned debt restructuring.

March 26: Ireland’s High Court approves restructuring scheme. read more

March 18: Shareholders vote in favour of restructuring plan.

Jan. 21: Norway backs Norwegian Air’s survival plan.

Jan. 14: Announces end of transatlantic flights, 2,000 job losses. Seeks government help.

2020

Dec. 17: Shareholders endorse financial rescue plan.

Dec. 8: Oslo court grants additional creditor protection.

Dec. 7: Ireland’s High Court grants creditor protection to the airline’s Irish subsidiaries.

Dec. 3: Proposes converting debt to equity, offloading planes and selling new shares.

Nov. 10: Says cash crisis could force it to halt operations early in 2021.

Nov. 9: Norwegian government says it will not provide additional financial support.

Aug. 28: Reports first-half losses of $610 million and says it needs to secure funding to see it through the pandemic. nL8N2FU0S0]

May 18: Completes cut-price share sale and wins bondholders’ backing for a refinancing.

March 24: Receives government cash injection of 300 million crowns.

March 16: Cancels 85% of flights and temporarily lays off 7,300 employees as the pandemic hits.

2019

Nov. 20: Appoints industry outsider Jacob Schram as CEO.

Nov. 5: Raises 2.5 billion crowns with its third share sale in two years and a bond issue.

July 11: Co-founder Bjoern Kjos steps down as CEO.

Jan. 24: British Airways owner IAG (ICAG.L) says it will sell its stake in the company, after trying to take it over.

2015

Oct. 22: Orders 19 Boeing 787-9 Dreamliners, more than quadrupling its long-haul fleet.

2013

May 30: Norwegian’s first intercontinental flight departs from Oslo to New York.

2012

Jan. 25: Orders 122 planes from Boeing, 100 of which are 737 MAX 8 jets. Enters an agreement with Airbus about buying 100 A320neo jets. In total, the planes are worth 127 billion crowns.

2007

April 24: Buys FlyNordic from Finnair (FIA1S.HE), becoming the biggest low-cost airline in Scandinavia.

2003

Dec. 18: Shares are listed on Oslo Stock Exchange.

2002

Sept. 1: Rebrands as Norwegian and starts flying Boeing 737-300 planes.

1993

Jan. 22: Norwegian Air Shuttle (NAS) is founded and takes over regional airline services on Norway’s West Coast, operating flights in cooperation with Norwegian airline Braathens. NAS initially operates a fleet of three leased Fokker 50.