Norwegian (DY, Oslo Gardermoen) managed to raise NOK2.5 billion kroner (USD273 million) from its third share issue in less than two years on November 5, a combined sale of shares and convertible bonds, which it said would cover its needs in 2020 “and beyond”, Reuters reported.

The new shares were sold at NOK0.40 (USD0.04) each, which represented a 13% discount on the day's closing price. Norwegian’s shares fell by 9% in early trading on November 6, but analysts Reuters spoke to said that the company’s shares could eventually rise as the additional capital convinces investors.

Since being appointed earlier this year, acting chief executive Geir Karlsen and chairman Niels Smedegaard have sought to replace expansion with cost cuts in an effort to regain profitability. Norwegian’s interest-bearing debt was NOK61.7 billion (USD6.74 billion) by the end of the third quarter. It now intends to reign back capacity by 10% in 2020.

Asked by the Financial Times on November 3 if he was pleased with the changes he had made so far, Karlsen replied, “We’re not happy”, but added that the airline was “on the right track”. He said that Norwegian was conducting a review of its network, more details of which are expected in February 2020 at its full-year results.

The airline is committed to the long-haul market, Karlsen said, but he refused to comment on whether it would cut some of its short-haul routes in Europe.

For now, it has been selling older aircraft, completed a sale of its stake in Bank Norwegian in October, and in September convinced bondholders to accept a plea by the carrier to postpone the repayment of bonds worth USD380 million by up to two years. It also signed a deal offloading a large order of Airbus aircraft to China Construction Bank.

But credit card companies have held back payments, according to Reuters, while engine issues and the global grounding of the Boeing MAX - Norwegian currently has eighteen inactive B737-8s with 89 to be delivered according to the ch-aviation fleets advanced module - have added significantly to costs.