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2020-08-18

Norwegian Air Sweden AB has application for credit guarantee denied

Norwegian Air Sweden AB has application for credit guarantee denied

The Swedish National Debt Office has decided to reject the application by airline company Norwegian Air Sweden AB for a state credit guarantee under the guarantee programme for airlines.

The Debt Office is mandated by the Government to issue credit guarantees for new loans to airlines that, on 1 January 2020, had a Swedish licence to conduct commercial aviation operations and that have their main operations or are domiciled in Sweden.

The provision of guarantees shall be carried out in accordance with Ordinance 2011:211 on loans and guarantees (the guarantee ordinance) and according to certain specific conditions set out in the Government’s mandate.

Norwegian Air Sweden AB (Norwegian) has applied to be able to receive a Swedish credit guarantee within the framework of the aviation guarantee scheme.

The Government’s mandate stipulates that a guarantee may only be granted to the airline companies that are assessed to have been financially viable on 31 December 2019.

The Debt Office’s assessment in regard to Norwegian is that as of 31 December 2019 there was a very high risk that Norwegian would not be able to fulfil its financial commitments and that the company was not deemed capable then of managing further indebtedness. Therefore, the company has not been considered financially viable as of 31 December 2019. Accordingly, Norwegian’s application has been denied.

In accordance with the guarantee ordinance, the Debt Office’s decision cannot be appealed.

Read more on the Debt Office´s website: The Debt Office's support measures to mitigate the economic impact of the coronavirus

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