Norse Atlantic pares back winter schedule as cash runs low

Norse Atlantic ASA will operate a smaller passenger network over the winter season, dropping all services to Los Angeles and paring back flights to New York as the airline works to preserve cash. The coming months will be pivotal for the Oslo-based long-haul specialist after it burned through half of its cash during the first half of the year. It’s reduced its airline schedule for the slower season, and will hire out more of its fleet to other airlines to provide steady income. Its winter schedule, covering November through April of 2025, is set to shrink by more than a fifth compared to the same period last year, according to data from Cirium. The company is halting all services to Los Angeles and reducing the number of flights to New York, Miami and Orlando from its main hub in London’s Gatwick airport. Meanwhile, the airline will introduce seasonal flights from Gatwick to two new destinations, Las Vegas and Cape Town. Norse has faced a turbulent year. The stock is down 83% as the low-cost carrier struggles to turn a profit and talks to secure a strategic investment fell through. As its resources dwindled, credit card companies held back cash. The company, which competes with more established rivals, said this week that its financial performance has been “weaker than anticipated” this year. Norse, which operates 12 Boeing Co. 787 Dreamliner jets, was formed during the pandemic with aircraft that were once used by Norwegian Air Shuttle, a discounter that turned away from the transatlantic market after filing for Chapter 11 bankruptcy in 2020. Norse is pivoting toward becoming more of a charter company that operates its own flights when profitable, CEO Bjorn Tore Larsen said Wednesday on an earnings call. It’s part of a revised business plan that aims to even out revenue and reduce costs.<br/>