Michael O'Leary told CNBC Monday that the rival budget European airline Norwegian was saddled 'with enormous debts.'
Never one to mince his words, O'Leary told CNBC Monday that the rival budget European airline Norwegian was saddled "with enormous debts."
"We are continually cutting costs, Ryanair is continually passing on those lower fares, and that's what stimulating our growth and it's what's accelerating the demise of airlines like Thomas Cook, Aigle Azur and Norwegian, who I think won't be far behind them." "They're now resorting to selling the aircraft to raise 50 million bucks, which wouldn't pay the fuel bill for a week. Norwegian is doomed, the business model doesn't work and they're saddled now with enormous debts. It's only a matter of time before it goes bust."
"The sale is in line with the company's continued strategy of capitalizing on the scale built up over the last few years and the changed focus from growth to profitability," it said.
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