Norwegian Air's Q1 loss widens as carrier prepares for reboot

Norwegian Air posted a wider loss in the first quarter as the coronavirus crisis choked global travel, it said on Thursday, just days after completing a financial rescue in which creditors took control of the carrier. The company posted a January-March pretax loss of 3.28 billion Norwegian crowns ($332 million), compared with a loss of 1.98 billion crowns in the year-ago period.

"The company is currently in hibernation mode and at the same time is conducting significant restructuring of the organization, including establishing a new strategy and updated business plans," the budget airline said in a statement. ($1 = 9.8796 Norwegian crowns)