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business Essential news, comment and analysis


Wow Air flew from Gatwick, Stansted and Edinburgh


Wow Air is latest airline forced out of the skies


Icelandic carrier fails amid debt and fuel price rise. Ian Taylor reports


Wow Air ceased flying on Friday of last week following frantic efforts to refinance, leaving thousands of passengers stranded.


The budget Icelandic carrier


operated from Gatwick, Stansted and Edinburgh offering cheap flights to Iceland and North America via Reykjavik. Wow advised passengers “to check available flights with other


64 travelweekly.co.uk 4 April 2019


airlines” and told those who paid by credit card “to contact their credit card company”. The carrier sold overwhelmingly


direct but advised passengers that those “who bought their ticket as part of a package tour are protected by the Package Travel Directive [and] are advised to contact their travel agent to arrange an alternative flight”. The decline of Wow Air, founded


in 2011, was rapid. As recently as last September, Wow founder and chief executive Skuli Mogensen was planning to raise $300 million though a stock market listing of less than half the airline. But the hard reality of Europe’s


aviation market caught up with it as it joined a growing number of smaller airlines driven to the wall by price wars and overcapacity. Wow announced it had been


taken over by creditors in the middle of last week following agreement on a debt-for-equity swap by bondholders. But it was just


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