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Rolls-Royce says they haven’t been paid this week. Airbus believes they will not be paid in January. Now creditors are eager to see what Norwegian’s real plan is.
Before Christmas, creditors will know how many Norwegian Dreamliners will be left, if any. But the company itself does not know yet.
Boy, Heiko / NTB scanpix
Norwegian’s biggest creditors are unhappy with the progress of the airline’s savings efforts.
At a court hearing in Dublin on Friday, the lawyers complained to several of the creditors. They believe that, above all, the process of deciding which planes Norwegian will keep and which to dispose of is too late.
The airline has 140 planes that they rent or own. This summer, Norwegian had more than 20 planes in the air. But in November, the company announced new layoffs and that only about six planes would be in service this winter.
Major creditors are waiting for an answer on how many aircraft Norwegian will fly in 2021 and 2022. One of the key questions is whether Norwegian will have long-haul aircraft in the future or not. On Thursday, CEO Jacob Schram said the future of the Dreamliner aircraft has yet to be decided.
Counsel for the largest creditors, leasing companies Aercap and Boc Aviation and US state bank Exim, called the progress “meager.” Or in Norwegian in moderation.
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These are the deadlines that Norwegian must meet in the coming weeks
It is not Norwegian’s board, but examiner Kieran Wallace (left) and Judge Michael Quinn who now play the first violins in the airline’s bid to survive.
Irish Times / Collins Photo Agency
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Next deadline January 22
Therefore, the creditors’ lawyers asked the Irish judge to order Norwegian’s court appointed “examiner”, ie the administrator, to present an overview of the future fleet of aircraft before Christmas.
And they requested that the deadline for submitting a new business plan for Norwegian be set for January 11.
The argument is that it takes many weeks to prepare and receive the plane that Norwegian delivers.
But the creditors did not keep the demand to speed up the process.
Judge Michael Quinn set the next deadline for Norwegian’s trustee, Auditor Kieran Wallace, to Friday, January 22.
With that, you comply with the creditors at least a little: the term is accelerated by four days compared to the original, which was Tuesday, January 26.
Norwegian is now working with the manager on the airline’s new business plan.
In the Dublin court, it was emphasized that it is the administrator, not Norwegian, who ultimately decides which plan is presented to the court.
The 737–800 workhorse will remain the mainstay of Norwegian’s fleet if the company survives.
Stein J. Bjørge
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Some believe that Norwegian shareholders will receive gifts from creditors.
Possible dispute over the advancement of the aircraft
A couple of creditors also noted that they are not being paid for claims that are now due while Norwegian is under Irish bankruptcy protection.
Rolls-Royce warns that they have not been paid their engine rent this week. And Airbus believes they will not be paid an agreed advance of $ 1.99 million in January.
Norwegian has 97 planes that they have yet to receive from Boeing, in a contract Norwegian has said they want to cancel. Norwegian has 90 aircraft left from the large order of 100 Airbus aircraft, of which 2 will be delivered in 2021.
Norwegian canceled the orders and went to court to get away from the Boeing jets that had not been delivered. The aircraft ordered from Airbus will be part of the legal process in Ireland.
Airbus claims that an amount of 46 million dollars, about 400 million crowns, in advance payments is its money, even if parts of Norwegian’s order are canceled.
