Norse Atlantic Prepares to Start Sale Process as Costs Rise

Norse Atlantic ASA has brought on JPMorgan Chase & Co. to run a sale process set to kick off in the coming months, people familiar with the matter said, as the Norwegian budget airline struggles with high costs and dwindling cash reserves.

A deal could value the carrier at around €1 billion ($1.2 billion) including debt, according to the people, who asked not to be identified because the information is confidential. The airline plans to formally kick off a sale process before summer and has already started sounding out US and European carriers to gauge their interest, some of the people said.