Wow. That was a very bloody quarter. Q4 2018 losses were ~35% higher than Q4 2017 - not a good trend. Cash/equivalents less than half of Q4 2017; definitely not enough to get through Q1 without breaching covenants.
If this rights issue doesn't go well (and I didn't like the statement about it in the slide deck),. Norwegian will be out of business in short order.
I missed the conference call (waiting for it to be posted on Norwegian's website) but the stock is sliding in trading which bodes poorly for the rights issuance. Bloomberg's quote (NAS:NO) indicates that the stock is above a 52 week low, but I don't see it. I expanded out the chart and it appears to be at, as a minimum, a 5 year low. More likely it's at an all time low. Issuing stock rights at this point is a huge share dilution.
In addition, the airline is now shrinking (deferred 2019 aircraft orders along with trying to get an Asian partner to take delivery of a lot of future deliveries and selling aircraft) which will increase their cost per seat mile.
This is what the end of a death spiral looks like in the airline industry. Caveat emptor.