Ryanair CEO: Norwegian could go bankrupt soon
Updated 14.27 | Published 13.47
Ryanair CEO Michael O’Leary believes that competitors such as SAS and Norwegian risk major losses, reports Norwegian Nettavisen.
If fuel prices continue to be high during the summer, “one or two” airlines could even go bankrupt, he claims.
– If oil remains at $150 per barrel until August or September, all airlines that are not guaranteed to be rescued by the state, such as Norwegian, will have real problems, says O’Leary.
SAS, which is majority-owned by Air France-KLM, will, however, be rescued by the Scandinavian governments or the French government, predicts Ryanair’s CEO.
He also mentions Hungarian Wizz Air and Latvian Air Baltic as airlines that are in trouble, according to Il Sole 24 Ore.
”Michael O’Learys latest comments about Wizz Air’s financial outlook are completely unfounded and untrue,” Wizz Air responds.
The reason for the rising fuel prices is the war in Iran and the conflict around the Strait of Hormuz.
– No one knows what will happen. Right now it seems that if the war ends at the end of April or the beginning of May, there will be no problems with fuel supply during the summer – but if it continues, we do not know, says Michael O’Leary.
Netteavisen has been in contact with Norwegian, who do not want to comment on O’Leary’s statements.
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