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OSLO, April 29 (Reuters) – Funds airline Norwegian Air expects demand for European short-haul journey to return to pre-pandemic ranges in 2023 or 2024, it stated because it introduced a first-quarter pretax lack of 1.19 billion crowns ($145 million) on Thursday.

The provider this month stated it goals to boost 6 billion crowns in contemporary capital, up from the 4.5 billion initially deliberate, as a part of a scheme to emerge from court-ordered chapter safety subsequent month.

“It isn’t anticipated that demand for short-haul journey in Europe will return to 2019 ranges earlier than 2023 or 2024 and so Norwegian will deploy capability again into the market at a tempo that matches this,” the airline stated in an announcement.

Financed largely by debt, Norwegian Air grew quickly because it served routes throughout Europe and to North and South America, Southeast Asia and the Center East earlier than the COVID-19 pandemic plunged the airline into disaster.

The provider is at the moment working 9 plane, primarily on Norwegian home routes.

As soon as journey restrictions elevate, it plans to ramp up operations to a peak of about 50 short-haul plane in 2021 and round 70 short-haul plane in 2022, it stated on Thursday.

Of the chapter safety course of, Norwegian Air stated it was nearing “profitable completion” each in Eire and Norway.

The capital improve is because of shut “on or about” Might 26, it added, referring to the day Norwegian Air is because of depart the Irish examinership and the Norwegian reconstruction processes. ($1 = 8.2093 Norwegian crowns)

Reporting by Gwladys Fouche Modifying by Terje Solsvik and David Goodman

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