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Iceland's Wow airline postpones all flights | Iceland's Wow airline postpones all flights |
(32 minutes later) | |
Iceland's Wow airline has postponed all flights as the company tries to complete talks over raising new funds. | Iceland's Wow airline has postponed all flights as the company tries to complete talks over raising new funds. |
The carrier, which started flights in 2012 and has 11 aircraft, started formal talks with investors on Tuesday. | The carrier, which started flights in 2012 and has 11 aircraft, started formal talks with investors on Tuesday. |
It said bondholders had approved a plan to convert their bonds into shares. | It said bondholders had approved a plan to convert their bonds into shares. |
Wow said that all passengers had been informed via text message or email, and they could cancel their flight for a full refund or change their reservation to the next available service. | |
The airline said it was in the "final stages" of bolstering its finances, but said "all flights have been postponed until documentation with all parties involved have been finalised". | |
It said further information would be given later on Thursday. | It said further information would be given later on Thursday. |
A number of airlines have run into financial trouble recently. | |
Earlier this year, Germany's Germania filed for bankruptcy. Low-cost carrier Norwegian underwent a major fund raising, blaming rising fuel prices and currency fluctuations for its troubles. | |
The UK's struggling Flybe was taken over earlier this month for just one penny a share. | |
Even giant budget airline Ryanair reported its first quarterly loss since March 2014 last month. |