Norwegian Air (NWARF) is the latest airline to take a major hit from the coronavirus, with the budget European carrier axing more than 4,000 flights and laying off half its staff.
Norwegian's descent comes on the heels of President Donald Trump's decision to ban most travelers from 26 European countries for the next month, an announcement that on Thursday sent stock prices of international carriers plunging.
All international carriers face serious business challenges in the weeks and months ahead as the massive disruptions caused by covid-19 take a toll.
Jacob Schram, Norwegian's chief executive, told reporters at a news conference on Friday that to stay aloft, the airline will need a cash infusion in a "matter of weeks," Reuters reported.
Schram said he was confident that Norway's government, which has been considering a number of measures to bolster its beleaguered airline industry, will step up to the plate.
"What is important is to provide liquidity within weeks, not months," the Norwegian Air CEO told reporters.
Meanwhile, U.S.-based international carriers were facing their own mounting financial and business challenges in the wake of the spread of the coronavirus and the European travel ban.
American said it was halving transatlantic flights in April, while cutting back on summer international flight capacity by more than a third.