Europe

Norse Atlantic ASA will operate a smaller passenger network over the winter season, dropping all services to Los Angeles and paring back flights to New York as the airline works to preserve cash, Bloomberg News reported. The coming months will be pivotal for the Oslo-based long-haul specialist after it burned through half of its cash during the first half of the year. It’s reduced its airline schedule for the slower season, and will hire out more of its fleet to other airlines to provide steady income.
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BlackRock Inc. has initiated an auction for German startup SellerX, taking the unusually aggressive step after a loan granted to the Amazon aggregator soured, Bloomberg News reported. An advertisement published Friday in the Börsen-Zeitung newspaper stated that the auction for the L Catterton-backed firm has been scheduled for Sept. 17 at a Berlin hotel. In Germany, such auctions can be used by creditors to seize control of companies after negotiations between an enterprise, investors and lenders have hit an impasse, often wiping out equity held by investors.
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