According to a memo seen by Markaðurinn, the business supplement of Fréttablaðið, 2 former WOW air managers work to establish a new airline on basis of WOW air (which was declared bankrupt in March).
A group of investors, including 2 former WOW air executives, have sought the assistance of Icelandic banks. Their goal is to launch an airline named “WAB air” in Q4 2019, to compete with Icelandair. WAB stands for “We are back”.
The new carrier will be backed by Avianta Capital, an Irish investment fund owned by Aislinn Whittley-Ryan, along with Neo, a company jointly owned by Arnar Mar Magnusson, Sveinn Ingi Steinporsson (both ex-WOW air executives), as well as Bogi Gudmundsson and Poroddur Ari Poroddsson.
Avianta will own a 75% stake and Neo will hold the remaining 25% stake.
Their plans are to initially operate 6 aircraft in the first year, flying to 14 European and North American destinations, carrying one million passengers for an estimated revenue of $158M during the first year.
WOW air ex-CEO Skúli Mogensen is not involved into WAB air.