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Thousands of passengers stranded as loss-making budget carrier Wow Air suspends all flights.

Summary: Low-cost carrier looking to wrap up negotiations with investors for equity raise

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Dubai: Thousands of passengers are facing travel delays today, March 28, as European budget carrier Wow Air decided to suspend all its flights.

Iceland's low-cost airline has been struggling financially and is currently in talks to restructure its debt.

In a statement, the airline confirmed that it is about to wrap up negotiations with investors for an equity raise, but in the meantime, it is halting its operations.

The flight cancellations are effective from March 28 and will stay in effect until further notice.

The transatlantic carrier had earlier announced plans to roll out budget flights between Delhi in India and North America.

"Wow Air, which is in the final states of finalizing equity raise with a group of investors, has postponed all flights on March 28 until documentation with all parties involved have been finalized," the company said.

The carrier assured that all affected passengers have been informed.

Headquartered in Reykjavik and based at KeflavE[degrees]k International Airport, Wow Air operates flights between Iceland, Euope and North America.

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Publication:Gulf News (United Arab Emirates)
Geographic Code:4EXIC
Date:Mar 28, 2019
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