Norwegian Air books $1.5b charge as it seeks fresh start

Norwegian Air booked an impairment charge of 12.8b crowns ($1.5b) in Q4 as it cancelled a major Airbus order and plans to shrink its current fleet to avoid bankruptcy. Norwegian received protection from bankruptcy late last year in both Norway and Ireland, where most of its assets are registered, and it aims to come out of its restructuring process with fewer aircraft and less debt. “We are doing everything we can to emerge as a more financially secure and competitive airline with an improved customer offering,” CE Jacob Schram said on Friday. “As soon as Europe begins to reopen, we will be ready to welcome more customers on board.” The company said its restructuring in Norway and its examinership process in Ireland, under which it aims to get rid of 78 aircraft, were progressing as planned and expected to end during the second quarter.<br/>