(Reykjavik) The Icelandic low-cost airline WOW Air, in financial difficulty, announced Thursday that it will cease operations and cancel all flights, a decision that should affect thousands of passengers. "WOW Air has ceased operations. All WOW Air flights are canceled. The passengers concerned must check the available flights with other airlines, "said a statement. WOW Air, which carries more than a third of travelers to Iceland, had no investors left to hope for a recovery since his compatriot Icelandair had withdrawn from negotiations for a recovery. In the process, the low-cost company announced discussions with its creditors to find a comprehensive voluntary restructuring agreement, including an agreement to convert the current debt into capital. ￼ On Monday, his creditors approved the conversion of their bonds into capital for 49% of the company’s debt. WOW Air still had to find buyers for the remaining 51% to avoid bankruptcy. In the first nine months of 2018, the company posted a pre-tax loss of nearly $ 42 million (€ 37 million). The bankruptcy of the carrier, founded in 2011, would result in a decline in GDP of 3%, the fall of the crown and an increase in inflation, according to the government.
— From La Presse Mobile