Norse Atlantic Draws “Strong” Takeover Interest After $94.6 Million First-Half Loss

Long-haul low-cost carrier Norse Atlantic Airways presented second-quarter 2026 results on August 20 showing revenue of $132.0 million against negative EBITDAR of $8.4 million, as management executed a deliberate capacity reduction meant to limit losses while improving unit economics. The airline lost $94.6 million in the first half of 2026, a result that puts fresh pressure on the carrier’s ongoing strategic review.

Despite the losses, Norse said its strategic review is progressing with “strong interest” from potential partners. Multiple parties have signed confidentiality agreements and entered the process, with direct engagement continuing with support from a financial advisor. The company says the review could result in a sale, merger or partnership, with completion targeted by the end of 2026.

Norse has also moved to shore up liquidity, entering a $52 million senior secured financing agreement issued at 95% of par value with a 15% fixed interest rate. The facility matures in May 2027 at 103% of par, and lenders are entitled to a 3% equity value fee should a change of control or sale occur before then.

The airline notably filled 94% of its scheduled seats during the quarter even as it posted the loss, a sign that the pressure stems more from unit economics and fuel costs than from soft demand. For travelers, Norse’s long-haul routes remain in operation for now, though the outcome of the ownership review could reshape the airline’s network over the coming months.

Sources: FlightGlobal, Airways Magazine