Norwegian Air has been struggling with its cash needs from the last two years and earlier today, the company announced it would raise $272 million from a bond sale. Over the last couple of years, the airline has had three share sales to meet its cash requirement for its future.
The company sold its share to a private investor for less than 13% of the market price. The investor purchased 27.25 million shares at 40 crowns per share.
Adding to the share sale, the company raised an additional $150 million via a convertible bond sale.
The company faced major losses after 18 of its Boeing 737 Max aircraft were grounded, however, the airline has decided to expand its operation by cutting down its expenses.
Last month, the airline decided to sell off 27 of its Airbus planes to a Chinese company to increase its cash reserves and improve its financial conditions.