Ryanair's CEO Michael O'Leary mentioned that rival airline Norwegian is sure to go bust ultimately, claiming that the corporate is "doomed."By no m
Ryanair‘s CEO Michael O’Leary mentioned that rival airline Norwegian is sure to go bust ultimately, claiming that the corporate is “doomed.”
By no means one to mince his phrases, O’Leary advised CNBC Monday that the rival price range European airline Norwegian was saddled “with huge money owed.”
“We’re seeing the emergence of 4 or 5 massive airways throughout Europe and Ryanair is by far the most important in passenger quantity phrases, and you’ve got seen in our numbers this morning that we have delivered 11% site visitors development … on the again of 5% decrease airfares,” he advised CNBC’s “Squawk Field Europe.”
“We’re frequently reducing prices, Ryanair is frequently passing on these decrease fares, and that is what stimulating our development and it is what’s accelerating the demise of airways like Thomas Cook dinner, (French price range airline) Aigle Azur and Norwegian, who I believe will not be far behind them.”
Requested whether or not he thinks Norwegian goes bust, O’Leary referenced Norwegian’s choice to promote plane this yr.
“They’re now resorting to promoting the plane to boost 50 million bucks, which would not pay the gas invoice for every week. Norwegian is doomed, the enterprise mannequin does not work and so they’re saddled now with huge money owed. It is solely a matter of time earlier than it goes bust.”
A spokesperson for Norwegian, identified formally as Norwegian Air Shuttle, wasn’t instantly accessible when contacted by CNBC.