Wow Air and Indigo Partners aiming to close investment by 29 March

posted on 6th March 2019 by Justin Burns

Cash-strapped Iceland carrier Wow Air says discussions with Indigo Partners over an investment continue in “good faith” and they are aiming to negotiate terms while working towards closing a deal by 29 March.

The airline added in a statement: “A new written procedure will be submitted to the bond holders in the coming days. No further comments will be made at this time.”

Wow Air and Indigo Partners first started meetings in Reykjavik back in December over an investment shortly after the Icelandair Group pulled the plug on taking over the low-cost carrier (LCC).

Late last year, Wow Air returned four aircraft to lessors and revealed it was seeking urgent funding to keep it afloat.

Phoenix-based private equity firm Indigo Partners already has stakes in LCCs and ULCCs around the globe including US-based LCC Frontier Airlines, Mexican LCC Volaris, European LCC Wizz Air and Chilean LCC JetSMART.