The bankruptcy of a further four airlines—Aigle Azur, XL Airways, Thomas Cook, and Adria Airways—in September and the growing 737 Max effect resulted in … Norwegian Air Shuttle ASA, one of Europe's largest airlines, has said that it will need another loan guarantee from Norway's government to survive, having announced losses of $600 million.An existing NKr3bn ($340 million) loan guarantee from the Norwegian government relied on a $1.7 billion debt-for-equity swap that involved a variety of stakeholders, including aircraft leasing companies and bondholders.This means that more of the company's equity is in state hands rather than those of private shareholders. Before that, I was deputy editor of Travel & Leisure. I profile the doers and the disrupters and cover the trends and the destinations that appeal to women today. Here's what it means for you.So what does all this mean for consumers, especially when it comes to your miles and refunds? What’s shocking is to witness just how many airlines have folded or filed for bankruptcy during the coronavirus pandemic.

"It is likely, according to people familiar with the matter, that the airline shrinks almost as quickly as it has grown. "As for how much governments do care about national airlines and if they're too important to fail, it might be years before this becomes clear.

We also provide some helpful tips about what happens to your tickets and your travel miles if your airline goes into bankruptcy or goes belly up.You won't believe how many arlines are going into bankruptcy.Flybe aircraft are pictured on the tarmac at Exeter airport in England, following the news that the Many airlines have folded or declared bankruptcy due to coronavirus.

Loans and guarantees in Europe are at very low interest rates but increase after two years.As for Norwegian Air Shuttle itself, directors say there is "significant doubt upon the company's ability to continue as a going concern" but have a "reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. That's not sustainable.

They're using consumers as de-facto suppliers of debt.

Follow me on Twitter (@laurabegley) and Instagram (@laurabegleybloom).Opinions expressed by Forbes Contributors are their own.Transformative Travel: I look at how travel can change lives.The International Air Transport Association is saying that In this column, "Transformative Travel," I look at how travel can change women's lives. ET "But there's a huge amount of state aid propping up the industry at the moment. I have been writing about travel since the early days of my career, when I started off as a honeymoon editor, even though — ironically — I was single at the time. In this column, "Transformative Travel," I look atI’m a travel and lifestyle authority and a content strategist who works with brands to create powerful storytelling. Journalism is part of my heritage: My great great grandfather was a Civil War correspondent for the Chicago Tribune. Air Georgian (Canada) Despite its name, Air Georgian was neither from the country or state of the same name.

This was a small Canadian airline, based in Toronto, that operated Beechcraft 1900D and CRJ100s, for some time in partnership with Air Canada. Published: May 18, 2020 at 12:47 p.m. Although things have been starting to pick back up in travel, it’s no secret that the airline industry has been hard hit by the coronavirus pandemic. Since then, I have written for a number of publications, including Food & Wine, Wallpaper and The New York Times.
"Governments care more about airlines than we thought before. Norwegian Air Shuttle ASA, one of Europe's largest airlines, has said that it will need another loan guarantee from Norway's government to survive, having … "Large parts of the airlines' efforts to remain solvent have relied on not giving customers their money back for the canceled flights," Andrew Lobbenberg, head of travel research at HSBC, tells "That's how they've stayed alive and retained liquidity. Not all customers of Norwegian, as with other airlines, have received refunds for flights booked before COVID-19 that were canceled.

I have been the editor-in-chief of Yahoo Travel, which was named the top online travel magazine under my leadership. Here’s what you need to know:I’m a travel and lifestyle authority and a content strategist who works with brands to create powerful storytelling. "Airlines were previously not regarded as great state institutions and criticized for their environmental impact and customer service performance and finances, suddenly they are regarded as important - for connectivity within countries, regions and globally and as a key enabler of the economy to transfer goods and more obviously of logistics to transfer PPE around. Throughout my career, I have appeared regularly on television, including Good Morning America and NBC Today. "We were hit by COVID-19 and customer demand literally stopped from one day to the next, as government-imposed travel restrictions and travel advice were introduced worldwide," Norwegian Air Shuttle CEO Jacob Schram said in a statement. "The U.S. Senate has already approved $58 billion in loans and loan guarantees for passenger airlines and cargo carriers based in America. "Health services and other key parts of the national infrastructure are obviously critical, governments have been keen to fund airlines. "It has been surprising how keen governments have been to put money into airlines through this," Lobbenberg says. Airlines are on the brink of bankruptcy — what happens to your voucher, travel miles and airline credit card if they go belly up?


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