NewCo seeks funds to begin new airline operations

Lauren Eldershaw
By Lauren Eldershaw April 9, 2019 12:51

NewCo seeks funds to begin new airline operations

WOW air founder and former CEO, Skúli Mogensen, is reported to be seeking up to $40 million to finance a new company, NewCo, which would  purchase WOW air’s remaining assets, including the WOW brand, and resume flying from Keflavík Airport to 13 destinations in Europe and North America by the end of June. Icelandic newspaper, Fréttablaðið, has reported the information quoting an investor presentation from April 3. The newspaper reports that Skúli and other “key figures” would own a 51% share in the new company, while investors would have a 49% stake. Skúli would become CEO. The investor presentation states that the team has learned its lesson and the new airline would stick to purely low-cost policies in order to avoid the mistakes of the past.

Lauren Eldershaw
By Lauren Eldershaw April 9, 2019 12:51