Iceland's WOW air became the latest budget airline casualty on Thursday, halting operations and cancelling all future flights after efforts to raise more funds failed. | Video
March 26 Bondholders in WOW air have formally
approved to convert their bonds into equity and formal
discussions with investors have started, the Icelandic low-cost
airline said on Tuesday.
Icelandair has agreed to buy rival Icelandic airline WOW air from its founder for about $18 million in an all-share deal aimed at creating a stronger international competitor.
Icelandic transatlantic budget carrier Wow Air will fly Asian routes later this year, in an expansion that will further boost Iceland's credentials as a global transit hub thanks to its "superior location", the company's founder and CEO said.