-You have no plans to invest more – E24

Bjørn Tore Larsen has contributed approximately NOK 375 million since its inception.

Norse Atlantic recently provided another account of the loss.

Investors lined up several rounds to keep the planes on their wings.

E24's accounts showed that founder and CEO Bjørn Tore Larsen invested a total of around NOK 375 million.

Larsen's shares were valued at about NOK 230 million on the Oslo Stock Exchange on Wednesday.

He has so far lost – on paper – approximately NOK 145 million.

-Do you have a maximum total amount you would like to invest in the company?

– I don't have it. I rarely swear by such ultimatums. You must be open to all opportunities that present themselves.

-But I have no plans to invest more. What you choose to do in the future should never be predicted.

Can borrow

Larsen confirms that he invests money in companies to achieve returns.

-If you do not believe in it, you should not deposit money.

Larsen says the company has no plans to raise more money. At the same time, he cannot guarantee anything.

Nourse has recently taken measures to ensure its coffers do not run out.

In April, the company concluded an agreement with its largest shareholders, Larsen himself and the Italian Lauro family. The agreement gives the company the opportunity to borrow up to $20 million if necessary.

However, the loan system is not free at all. Nawras pays 4.5 per cent interest on the tire itself and a further 15 per cent on any loan amounts.

– What does this interest rate level show?

-We believe that the interest rate is fully consistent with market conditions. We have not heard from anyone who thinks this is unreasonable. I don't think you will find anything cheaper on the market.

Uncertainty about the continuation of the process

There are plenty of examples of newly started airlines that have had to give up. Flights are close.

For its part, Nours reported uncertainty regarding continued operations. Larsen believes this should be considered a formality.

– It's quite a standard note. After all, we are a growing startup in a volatile and risky industry.

– It was natural to let everyone know that this company had not yet begun to live in a normal way. We are still in the construction phase, and the Board believes it is right to report this. But there is nothing beyond that.

Talks in the “final stage”

The first quarter of the year ended with a pre-tax loss of NOK 680 million.

Large losses affect the balance sheet. Norse booked $146.5 million of negative equity at the end of the third quarter. This equates to NOK 1.6 billion.

However, the company believes that the fair value of the shares is positive. There are values ​​outside the balance sheet, according to Nourse. Among other things, the company's leasing agreements are favourable, she says.

Nurs has previously reported that many airlines are inhaling it. Larsen says talks with potential investors have reached the “final stage.” At the same time, he points out that this stage is the one that tends to take longer.

– The dialogue is still ongoing. There's no change, except for the fact that we're a little closer, Larsen says.