Prayers answered. The Norwegian government listened to Norwegian Air's pleas that the airline needed more money to get through the pandemic. The money is geared to provide a buffer through the end of 2020, that is.
Norway’s government has extended loan guarantees for the country’s airlines, including Norwegian Air, by two months until the end of 2020, the Industry Ministry said on Sunday.
Norwegian Air secured a state aid package of 3 billion Norwegian crowns ($330 million) earlier this year after a debt restructuring but said last month it needed to secure more funding to get through the COVID-19 pandemic.
The government has changed the terms of the state guarantee scheme, the industry ministry said in a statement, without disclosing specifics.
“The changes we now propose are designed for the scheme to help more airlines than those who have already used it,” Industry Minister Iselin Nyboe said in the statement.
The ministry was not immediately available for further comment. ($1 = 9.0931 Norwegian crowns)
(Reporting by Victoria Klesty; Editing by David Clarke)
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Photo credit: An arriving Norwegian Air Boeing 737 on May 26, 2019. The Norwegian government extended Norwegian Air an additional two months on a loan guarantee. Alan Wilson / Flickr.com