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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 Check-in.dk.

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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