Norwegian Air Shuttle could sell leasing arm to raise cash

Norwegian Air Shuttle, which recently launched low-cost transatlantic flights from Ireland, could sell its aircraft leasing business if it needs to raise cash, it emerged on Friday.

Speculation has been growing that the rapidly expanding airline could be facing a cash squeeze. Ryanair chief executive Michael O'Leary recently suggested that the carrier could run out of money.

Chief financial officer Tore Otsby told reporters that the group had the option of selling its leasing unit, which buys aircraft and rents them to the airline, to raise money if it were needed.

Potential buyers have expressed interest in the leasing division, which owns about half the airline's Boeing and Airbus craft, but Mr Otsby said that Norwegian would be unlikely to consider a deal before 2019 or 2020.

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The airline group leases many of its craft through companies established in the Republic, where it has also based a key subsidiary, Norwegian Air International, as well as some marketing operations.

This summer, Norwegian Air International began flying from Belfast, Cork, Dublin and Shannon to destinations in northeastern US.