The Covid-19 pandemic has decimated global air travel demand and forced major airlines to reorganize and restructure their businesses, particularly to stop bleeding cash. Norwegian Air, like many others, received a state bailout last year after reporting heavy losses in the first half. It secured a 3 billion Norwegian krone ($340 million) state aid package in May 2020 but only after completing a 12.7 billion krone debt-for-equity swap per government requirements, severely diluting existing shareholders. However, by the end of August the company was warning that the package may not be enough to survive the crisis. In November, the airline hit more turbulence as the Norwegian government refused its request for further financial aid and it subsequently filed for bankruptcy protection in Ireland, where its assets are held.