WOW Air ceases operations
23:00
Icelandic budget airline WOW Air ceased its operations and canceled all flights, the company said on Thursday. The airline failed to reach the agreement with investors to resolve its financial struggles. “We have run out of time and have unfortunately not been able to secure funding for the company,” Chairman Skuli Mogensen cited by Bloomberg said in a letter to employees.
The airline, which was founded in 2011, advised its passengers to seek flights with other companies. "Some airlines may offer flights at a reduced rate, so-called rescue fares, in light of the circumstances," it wrote. The collapsed airline carried 3.5 million passengers last year.
