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Iceland's WOW air collapses, flights grounded Thursday

Christian Fernsby |
Iceland's WOW air became the latest casualty among budget airlines on Thursday, ceasing operations and cancelling all its flights after efforts to raise more funds failed.

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WOW, which is focused on low-cost travel across the Atlantic, advised stranded passengers to check available flights with other airlines. It flew a total of 3.5 million passengers last year.

"I will never forgive myself for not having acted earlier," WOW CEO and founder Skuli Mogensen wrote in a letter to the company's 1,000 employees, according to specialist website

WOW had earlier postponed flights on Thursday as it entered what it had hoped were the final stages of an equity raising with a group of investors.

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