The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Transportation / Storage Land, Water And Air Transportation Air Transport 51.1 - Passenger air transport
120 jobs Number of planned job losses
Announcement Date
26 June 2020
Employment effect (start)
26 June 2020
Foreseen end date
Description
Norwegian Air Resources Finland, a staffing agency owned by aviation company Norwegian, has filed for bankruptcy in Finland. As a result of this, 120 pilots will lose their jobs. These pilots are employed by the company but operate Norwegian’s planes.
Due to the COVID-19 pandemic, many countries have set travel restrictions which led to a decrease in the volumes of air passenger travel, which has had a significant impact on the aviation company Norwegian. In April 2020, four of its subsidiaries filed for bankruptcy in Sweden and Denmark. OSM Aviation Finland, a subsidiary that employs cabin crew working on Norwegian's planes filed for bankruptcy in Finland.
The trade union for pilots in Finland argues that the COVID-19 will have a long-lasting effect on the flight sector. According to the union, it may be difficult for the pilots who now lose their jobs to find new jobs since many other flight companies have also cut down the number of routes and the number of graduating pilots is higher than the demand.
Eurofound (2020), Norwegian Air Resources Finland , Bankruptcy in Finland, factsheet number 101125, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101125.
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