WOW Air grounds some of its aircraft to prevent an imminent financial collapse

**Reykjavik - Financially distressed WOW Air canceled several flights after collapsing takeover negotiations with the U.S. investment group Indigo Partners and Icelandair. **

The trouble around the already battered Icelandic airline is dramatically worsening. According to local media reports, a leasing company has secured an Airbus A321 registered TF-PRO today just after it landed in Montreal. A second WOW Air airplane is said to have been grounded in Santa Clara, Cuba.

The airline has simultaneously canceled several flights, including one from London-Gatwick to Keflavik this morning and closed bookings for some destinations.

The airline got into serious economic problems after a series of losses. Between January and October 2018, the losses of the WOW Air became $35.5 million. Hopes for an investor have been shattered in recent days after the withdrawal of the U.S. investor Indigo Partners from negotiations last week on Friday, and a failed attempt of renegotiation with Icelandair two days later.

Today Icelandair said that there wouldn't be a deal for the WOW Air since the liabilities of the small airline have reached 3.5 billion euros in recent years.

Founded in 2011, the airline has been operating low-cost flights between Europe and North America and has grown rapidly since 2013. Its competitor Danish Primera Air went bankrupt in 2018 on a similar business model.