Norwegian Air books $1.5 bln charge

Norwegian Air booked a charge of $1.5 billion in the fourth quarter as it seeks a fresh start.

The charges were a result of plans to cut its fleet and cancel aircraft orders.

The budget airline received protection from bankruptcy late last year in both Norway and Ireland, where most of its assets are registered.

It wants to emerge from the restructuring with fewer aircraft and less debt.

Norwegian's CEO said on Friday (February 26) that "as soon as Europe begins to reopen, we will be ready to welcome more customers on board."

That will involve focusing on its Nordic and European network, as it's already said it will end long-haul services.

The airline has warned that it risks running out of cash by the end of March if it fails to restructure its debt and liabilities.

The company has agreed order cancellation terms with Airbus.

But a deal with Boeing is unlikely before the restructuring is completed.

The company said it would present a detailed plan for its future next week.

And was preparing to increase its operating fleet from 10 aircraft now, depending on demand and travel restrictions.