17 DECEMBER 2018

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Article from BTNews 17 DECEMBER 2018

Restructuring at Wow Air

A reduction in its all-Airbus fleet from 20 to 11 and a cut in staff numbers of 10% are being implemented by Wow Air in what it calls a restructuring after a “challenging year”.

The airline, which said talks were continuing with private equity company Indigo Partners (BTN 3 December), which is seeking to become a major shareholder, added it was “simplifying operations to return to its roots as a profitable ultra-low-cost airline”.

In a statement, Wow said it was in negotiations with its lessors to return some of its aircraft, including all Airbus A330s. Four Airbus A321s are being sold in a transaction that will improve the airline’s liquidity by more than $10m, it added.

The fleet reduction is raising concerns for long-haul operations including services between Keflavik and Delhi which began this month but Wow said there would be no schedule changes this month or early next. A new flight schedule is planned later in January.

More than 100 permanent staff were laid off on Thursday, with Wow CEO and founder Skúli Mogensen describing it as “the most difficult day in our history… it breaks my heart to downsize the company.

“However, in order to ensure our future and preserve Wow Air in the long run, we unfortunately must take these drastic measures.”

www.wowair.com

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