Norse Atlantic Airways is laying the groundwork for a potential sale as its financial health falters.
The Norwegian low-cost carrier recently brought on JPMorgan Chase to lead a potential sale process, according to a report from Bloomberg. The airline could be valued at around €1 billion, or $1.15 billion, the financial news outlet said. Executives are reportedly comfortable with either an acquisition or merger.
Bloomberg cited sources it said are familiar with the company’s internal discussions.
Norse Atlantic is struggling with higher jet fuel prices and route disruptions stemming from the war in Iran. Earlier this month, the airline announced plans to eliminate about 75 administrative positions and furlough some crew members. It will also institute temporary pay cuts for non-flying crews.
Officials said the restructuring is part of a broader ongoing effort to lower costs.
Norse Atlantic operates only long-haul flights, with destinations in Europe, Southeast Asia, South Africa, and North America. It connects New York-JFK with London, Rome, and Athens, and Orlando, Florida, with London.
