Though the airline was proving to be quite popular with consumers, issues outside of the airline's control including faulty aircraft, the global spread of a virus, and government-imposed travel restrictions gradually reduced the airline's cash flow and valuation.
Industry expert Henry Harteveldt told Business Insider on Thursday that he believed Norwegian to be at risk for collapse even before the Trump travel ban expanded to the UK, where Norwegian has a base in London.
Should Norwegian fold, the transatlantic industry will lose a low-cost disruptor that made intercontinental travel between the Americas and Europe more accessible and contributed to a reduction in fare levels in the market even for flights on full-service carriers.
By offering a low-fare alternative, the airline has kept fares low across all airlines, according to Harteveldt. Norwegian's downfall would surely lead to fares increasing for transatlantic flights and put the final nail in the low-cost revolution, especially as other entrants, namely WOW Air and Primera Air, cease to exist.