WOW Air is urgently looking for additional funds to keep flying, after cancelling negotiations with Indigo Partners and the refusal of Icelandair group.
Last night, a meeting was held with WOW Air creditors. A new – very limited – plan has been created to convert WOW air’s debt into 49% of the company’s share capital. The plan will offer the rest (51%) of the shares for sale to raise about $40 million.
With $40 million, WOW Air is able to continue to operate and, in the future, the company expects to become viable again. If the necessary majority of creditors and bondholders has been reached, the plan will be activated.
Uncertain times ahead, but WOW Air continues to operate. Albeit with a reduced schedule as the airline was forced to cancel about 20 flights in the coming days.