Norwegian Air: sale of state shareholding shows the LCC’s restructurings are now firmly in the past
In early Jun-2025 the government of Norway sold its 6% stake in Norwegian Air, which was a legacy of a 2021 COVID-era restructuring of the low cost airline.
Soon after, Norwegian redeemed all the remaining convertible bonds issued in 2021.
Norwegian's breakneck expansion in the decade up to 2018, fuelled by fleet growth and runaway capital expenditure, led to a near fatal level of debt when the COVID-19 pandemic struck.
Financial and operational restructuring have refocused Norwegian on its short/medium haul network, transformed its balance sheet, restored profitability, and facilitated the acquisition of Widerøe (Norway's largest regional airline).
A comparison of the group at its most bloated in 2018/2019 with the Norwegian of today is informative.
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