Almost all WOW air flights are on on schedule today as the CEO and founder Skúli Mogensen tries to save the airline from bankruptcy, following the dissolution of negotiations with Icelandair Group yesterday.
All WOW air flights from Iceland today were on scheduled this morning except the flight to Gatwick Airport in London. That flight was cancelled because of a problem with the airplane on the ground in Canada yesterday.
Since Thursday evening, Icelandair had considered buying WOW air in part or in full. According to Bogi Nils Bogason, CEO of Icelandair, too much risk was involved in investing in the company.
According to a WOW air announcement last night, the company is now working to reach an agreement with the majority of its creditors that the company’s debt will be largely converted into equity and that the same parties will provide the company with funding for its operations until it reaches “sustainable operations”. These talks took place over the weekend, simultaneously to the negotiations with Icelandair.