BREAKING: Norwegian axes Argentinian subsidiary
Norwegian Air Shuttle is selling its Argentinian subsidiary Norwegian Air Argentina (NAA) to JetSMART Airlines, as it struggles to straighten out its finances.
The South American ultra low-cost carrier is taking over 100% shares of Norwegian Air Argentina and assuming its operations as of now. The change of hands should not (immediately) affect the Argentinian airline’s passengers, Norwegian has assured in a statement.
Integration of the two South American airlines is expected to take several months. During the time, Norwegian Air Argentina’s current all-Boeing fleet will be replaced with all-Airbus aircraft. Norwegian will take back its three Boeing 737s back to Europe, while their place will be taken by JetSMART’s Airbus A320 aircraft. The airline’s brand name is also to change.
Norwegian Air Shuttle is working on a strategic transformation, aimed to bring the carrier from “growth to profitability”. During the recent months, the airline has already resolved to several rounds of selling off its aircraft, company shares and cutting routes.
In November 2019 alone, it has announced a discounted sale of its shares to raise up to $300 million (NOK 2.75 billion) in capital and revealed that it would cease to operate half of its long-haul routes from Scandinavia towards Thailand and the United States. The airline has been open about striving to secure enough funds to survive the coming winter as its management expects “challenges” in the season.
Suspicions that the airline would cease activities first emerged after it was discovered that Norwegian Air Argentina only displays flights until March 28, 2020, on its system.
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