(Adds Norwegian Air CEO reaction) By Victoria Klesty OSLO, March 19 (Reuters) – Norway will back airlines with credit guarantees worth up to 6 billion Norwegian crowns ($537 million), half of it to Norwegian Air, in a bid to stave off collapse in the industry because of the coronavirus crisis, the government said on Thursday. Norwegian Air, which has grounded most of its aircraft and will temporarily lay off 90% of staff, said it welcomed the offer. It has made repeated pleas to Norway for liquidity to keep the company afloat. The company can get up to 3 billion crowns, but must boost its equity to get the full amount, Industry Minister Iselin Nyboe told a news conference. “We are very grateful that we are now being offered this,” the company’s Chief Executive Jacob Schram said. While it was too early to comment on the specific conditions set by the government however, the firm will do all it can to meet the demands, Schram said. Airlines around the world have made unprecedented cuts to flights, costs and staffing while stepping up calls for emergency aid as coronavirus lockdowns and travel restrictions hit major routes. Scandinavian rival SAS could get guarantees… Read full this story
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UPDATE 3-Norway offers NOK 3 bln credit guarantee to Norwegian Air, with conditions have 288 words, post on www.reuters.com at March 19, 2020. This is cached page on Business Breaking News. If you want remove this page, please contact us.