Though investors are likely keeping their fingers crossed for a knight in shining armor, airline executives show no sign of budging. After confirming that IAG had indeed bowed out in January, Norwegian board chair Bjørn Kise said: “Norwegian’s plans and strategy remain unchanged . . .The company’s goal is to continue building a sustainable business to the benefit of its customers, employees and shareholders.”

Six months on, Norwegian is still in the red, as unsustainable as it ever was, and now down a permanent CEO. If it can’t find a buyer, downsizing may be its only option. Either way, now seems like a good time to change tack—though whether the companies once beating down its door can be lured back is another matter.

Correction: A paragraph in an earlier version of this article that incorrectly calculated per flight revenue has been removed.

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