Skúli Mogensen, the former CEO of WOW air, hopes to resurrect the airline only one week after he announced its bankruptcy. In order to finance the project, Mogensen is trying to get USD 40 million in investment money.
According to a presentation for potential investors dated 3 April, the new company would buy WOW air’s remaining assets, including the WOW brand, and would be flying from Keflavík Airport to 13 destinations in Europe and North America, such as London, Paris, Amsterdam, Barcelona, New York, and Boston by the end of June, Icelandic newspaper Fréttablaðið reported.
Seven aircraft in 2020 and ten in 2021
The investor presentation states that the new airline would initially operate ACMI flights for European airlines, starting almost immediately. The company expects to be operating seven Airbus A320 aircraft by the spring of 2020 and ten by 2021.
Mogensen and other WOW air managers would own 51% of the new company, while investors would have a 49% stake. The company expects to have a positive cash flow by the end of next year.
Skúli would, of course, be the CEO of the new company; the other managers involved in the project were also working for the now-bankrupt company. The investor presentation states that the team has learned its lesson and the new airline would stick to purely low-cost policies in order to avoid the mistakes of the past, like flying with the too large Airbus A330.