A Flyr aircraft comes in to land.
Photo Credit: Adrian Olstad/AviationSource

Flyr Fails To Raise Enough Capital To Remain Afloat

LONDON – Norwegian carrier Flyr is at the verge of bankruptcy, and has to collect 430 million NOK in emergency equity to remain afloat. The deadline is set to 16:00 Norwegian time today. In a small step to help reduce costs over the winter, a Letter of Intent about rental for one aircraft has been signed.

Update #1


Just announced this morning, Norwegian carrier Flyr (FS), have signed a Letter of Intent (LOI) to wet lease one of their aircraft to an unidentified European airline. According to E24.no, an LOI for wet-lease is under discussion for a second aircraft.

A statement provided by Flyr to E24.no, says that the agreement will generate a positive cash flow over the nine month period the aircraft is to be leased.

Update #2


Another headline from E24.no, announces that major shareholder in Flyr, Tellef Ormestad, has left the list of top-50 shareholders in the airline. Tellef Ormestad was ranked as the 6th biggest shareholder, holding 20,1 million shares.

Update #3 – 4.00pm UTC


Flyr did not manage to acquire enough equity, however they have received an alternative transaction offer from current, new and professional investors.

Flyr will now evaluate the offer and announce a decision before the stock market opens on Wednesday morning. 

For the time being, Flyr has stated that all flights will operate without disruptions, according to E24. The carrier has not yet been declared bankrupt.

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