An important day today for WOW Air as a majority of WOW air Bond Holders and other creditors of WOW air are in advance discussions with the aim of reaching an agreement on a voluntary restructuring including an agreement of converting current debt into equity and fund the company towards long term sustainability.
In 2018, the airline lost 22 billion krónur, but the losses were also due to the sale of four Airbus A321ceo aircraft to Air Canada. Two of those jets didn’t pass the sales inspection hence the aircraft had a lower value than expected.
Yesterday, Icelandair announced in a short statement that all discussions between the parties have ended.
Repossession or technical issue?
On Monday morning, one flight between Reykjavik and London Gatwick was canceled, according to the airline the cancellation was due to operational reasons: an Airbus A321 (TF-PRO) got grounded in Montreal, Canada with an engine issue. But other sources are writing that the aircraft has been repossessed. Another Airbus A321 (TF-NOW) that landed at Miami, U.S. allegedly has also been taken back by the lessor.
Cancellations today and the next days
Throughout the day, the airline cancelled more flights, 20 flights thus far have been cancelled according to the official WOW Air website:
- 24.03.2019 WW264 Miami Havana 22:00 23:15 Cancelled
- 25.03.2019 WW263 Havana Miami 00:15 01:30 Cancelled
- 25.03.2019 WW153 Reykjavik Chicago O’Hare 15:10 11:10 Cancelled
- 25.03.2019 WW147 Reykjavik Pittsburgh 15:50 12:50 Cancelled
- 25.03.2019 WW154 Chicago O’Hare Reykjavik 10:50 16:50 Cancelled
- 25.03.2019 WW148 Pittsburgh Reykjavik 14:00 19:00 Cancelled
- 25.03.2019 WW286 Miami Frank Pais, Cuba 16:15 17:35 Cancelled
- 25.03.2019 WW285 Frank Pais, Cuba Miami 18:35 19:50 Cancelled
- 26.03.2019 WW462 Reykjavik Brussels 06:25 08:25 Cancelled
- 26.03.2019 WW650 Reykjavik Milaan Malpensa 07:00 09:00 Cancelled
- 26.03.2019 WW463 Brussels Reykjavik 12:35 12:35 Cancelled
- 26.03.2019 WW153 Reykjavik Chicago O’Hare 15:10 11:10 Cancelled
- 26.03.2019 WW622 Reykjavik Barcelona 15:20 17:20 Cancelled
- 26.03.2019 WW154 Chicago O’Hare Reykjavik 10:50 16:50 Cancelled
- 27.03.2019 WW623 Barcelona Reykjavik 09:05 09:05 Cancelled
- 27.03.2019 WW651 Milaan Malpensa Reykjavik 10:30 10:30 Cancelled
- 27.03.2019 WW153 Reykjavik Chicago O’Hare 15:10 11:10 Cancelled
- 27.03.2019 WW154 Chicago O’Hare Reykjavik 10:50 16:50 Cancelled
- 27.03.2019 WW147 Reykjavik Pittsburgh 15:50 12:50 Cancelled
- 28.03.2019 WW650 Reykjavik Milaan Malpensa 07:00 09:00 Cancelled