Norwegian Air reports 91% traffic fall amid search for more cash

Norwegian Air, which is attempting to secure a second round of financial restructuring, saw a 91% decline in August passenger volume from a year earlier as most of its fleet remained grounded by the coronavirus pandemic, it said on Friday. The budget carrier has said it will fly 25-30 of its aircraft in the months ahead, while more than 100 remain parked. Creditors and lessors took control of Norwegian in May with a financial rescue that allowed it to access state-guaranteed loans of 3b Norwegian crowns ($336m) and thus prevent a collapse. The company said last week it hopes to complete a second refinancing by year-end to avoid running out of funds by April of 2021, and is also in talks with Norway's government over additional support. "The prolonged crisis that has impacted every part of the aviation industry continues to create uncertainty in all markets, making the need for a long-term liquidity support package even more critical to protect tourism, jobs and international trade," CEO Jacob Schram said.<br/>