Norwegian Air may Face cash Crunch early 2021

Norwegian Air may face cash crunch early 2021

The growing COVID-19 numbers have hit another European airline. Norwegian Air has released a statement stating that the company might run out of cash during the early days of Quarter one, 2021 unless and until it secures bumper demand of the market or a stimulus package and funding.

The airline known for its reasonable carrier said this while reporting its quarter three results on Tuesday.

Reportedly, at the September’s end, the cash equivalent’s and cash with the airline were around 285.4 million pounds. From June, it slumped from 4.98 billion crowns to 3.4 billion Norwegian crowns.

Meanwhile, on Monday, the government of Norway had categorically refused to entertain the request of the company for more support, citing the risk associated with it. Soon after, the airline passed the comment of furloughing 1600 staff members. It would leave the company with mere 600 employees, down from ten thousand during the pre-pandemic times.

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