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Published on Thursday, March 28, 2019

Wow Air collapses




 





Wow Air has ceased operations after it failed to secure a rescue deal.

The airline had already cancelled flights today, claiming it was just until it finalised a rescue deal with a group of investors.

But this last-ditch attempt has failed and the airline has now been forced to stop flying once and for all.

Airlines are now coming forward with special fares for stranded passengers. Wizz Air is offering a £74.99 one way fare from Reykjavik to London Luton valid for travel until May 10 2019, subject to availability.


Bookings can be made via a special rescue fare site until April 7. Customers will need to show evidence of their Wow Air booking to any London airport.


The cash-strapped airline had already cancelled some flights earlier this week after a potential rescue deal with rival Icelandair fell through for a second time.


Icelandair had reopened talks with Wow after the low-cost carrier lost the support of a potential US financial backer last week, but discussions broke down over the weekend.

Icelandair announced on Sunday that 'its possible involvement with Wow Air's operations, as announced on 20 March 2019, will not materialise'.

Chief executive of Icelandair Group Bogi Nils Bogason added: "The financial position and operations are such that we did not see any reason to continue."

Wow Air blamed the cancellation of earlier flights to and from London on the late arrival of a long-haul flight, but then cancelled further flights.

The airline had been given until March 29 to present a rescue plan to its lenders.

The airline, which operates low-cost flights from the UK to Reykjavik and onwards to the US and Canada, has been scrapping unprofitable routes since late last year.

It had also announced plans to axe its Gatwick flights from March 31, focusing on its Stansted operation instead.

It is telling passengers to rebook with other airlines and says these might be offering special 'rescue' fares.


 



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