Norwegian Air (Restructuring)

Norwegian Air's 2020 restructuring demonstrates how ambitious long-haul low-cost models face destruction during crises. The carrier that challenged legacy airlines on transatlantic routes couldn't survive when COVID eliminated the demand that justified expensive wide-body aircraft. Like a species that evolved for abundance conditions dying in scarcity, Norwegian's 787 fleet became crushing liability. The airline emerged from examinership with 5% of original equity value.