Norwegian Air has admitted it does not expect to begin increasing its number of flights until next April at the earliest.
The airline is racing against the clock to meet terms set by Norway to access the bulk of a 3 billion-krone ($283 million) package in loan guarantees. Currently, the airline has grounded 95 per cent of its fleet and has only seven planes in operation on domestic routes.
According to its proposal, these minimal operations will continue until April 2021, before a gradual increase in services.
In a presentation to investors, the company said it is “critical to get access to the state aid package by mid-May before the company runs out of cash”.
Norwegian Airline executives have warned that their industry is facing its worst crisis, Norwegian, one of the most leveraged airlines in the world, has been fighting for survival for the past two years, during which it has held three emergency rights issues and watched its share price plunge 97 per cent.