This morning, WOW air decided to postpone all flights while the struggling airline was looking to finalise an equity raise. But around 10:00 (UTC +1), the airline announced to stop all its operations.
Most likely, the airline will file for bankruptcy and go into liquidation.
In recent weeks, the airline struggled to stay afloat and desperately looked for additional funds to keep flying, after cancelling negotiations with Indigo Partners and the refusal of Icelandair Group to discuss a merger.
The low-cost Icelandic carrier was already in discussion with its creditors to establish a restructuring plan. According to the Icelandic newspaper “Frettabladid”, WOW air would need 4.3 billion Icelandic kroner (36 million euros) to cover its immediate money needs.
The situation became critical when WOW air’s creditors seized an aircraft at Montreal airport, resulting in several cancellations or delays.
WOW air made the buzz in 2017 by announcing that it would connect Brussels (and other European cities) to New York (and other American cities) for 150 euros. The first low-cost transatlantic flights landed in Belgium.
This Thursday 28 March, the airline announced “WOW air confirms the end of its operations. All flights have been cancelled. Passengers are advised to check available flights with other airlines. WOW air indicates that all passengers have been informed by SMS or e-mail at the contact details indicated in the booking“.