Cash injection to keep NextJet in the air

NextJet, the largest regional airline in Sweden, will continue to operate beyond November after its owners agreed to provide a cash injection.

NextJet, which operates its main base at Stockholm Arlanda Airport, has received funding worth SEK42.5m ($5.34m) from its shareholders to help strengthen the company’s balance sheet. The carrier also plans to sell two aircraft, meaning the total raised will be about SEK70m ($8.9m).

The fundraising follows a decision earlier this month by the Swedish Transport Agency to revoke NextJet's permanent air operator certificate amid concerns about its finances. The agency then decided to grant a temporary three-month permit valid until 17 November 2017.

However, a statement released by NextJet said: “The company has had a positive trend in the amount of passengers during the past six months and the forecast for the coming six is also looking positive.

“The new share issue means that Nextjet has taken the necessary measures to obtain its permanent operating license again.”

Frösundavik-headquartered NextJet added it would continue to plan an “important role” connecting Stockholm, Gothenburg and Helsinki to other smaller cities in Sweden and Finland.

According to figures from OAG, the carrier’s top five routes by available capacity are Stockholm Arlanda-Ornskoldsvik, Helsinki-Vantaa-Pori, Lycksele- Stockholm Arlanda, Vilhelmina- Stockholm Arlanda and Jonkoping-Stockholm Arlanda.

Nextjet flew 403,519 passengers in 2016, Sabre statistics show, down from 453,889 in 2015 and 481,060 in 2014. In the first six months of 2017, it carried 228,437 passengers.

Nextjet's Q3 2017 route network:

Nextjet Q3 2017

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