WOW Airlines (Iceland)
Join Date: Apr 2009
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Notso Fantastic
Thank you for the clarification. I believe that the deposit was requested of Astraeus when they were into their own scheduled ops before the Icelander came to cannibalise the company. CAA will hold deposit to protect the public as part of Consumer Protection Group procedure. They will not hold deposit to protect staff or creditors.
You are very correct about the tackiness of the whole thing - WOW should be fingered regardless of all the jargon of separate legal entity, for all the mess.
Thank you for the clarification. I believe that the deposit was requested of Astraeus when they were into their own scheduled ops before the Icelander came to cannibalise the company. CAA will hold deposit to protect the public as part of Consumer Protection Group procedure. They will not hold deposit to protect staff or creditors.
You are very correct about the tackiness of the whole thing - WOW should be fingered regardless of all the jargon of separate legal entity, for all the mess.
Join Date: Aug 2000
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Thank you for that- I sincerely hope the deposit is returned to the administrator for settling company bills and not back to the holding company Fengur!
There are lessons here leading to a short version of Iceland's modern history! It goes like this. Many volcanos surrounded by lots of haddock. people living proudly in a trying climate- shame it wasn't 30 degrees further south. Some businessmen decide to buy up each others shares talking up all their share prices. Suddenly they really start hitting paydirt, opening up large international bank loans to buy up shoe shops in the UK high street (and much more, like a doddery airline). Icelanders starts getting reputation as incredible business people (and they truly start believing it themselves!). With apparent 'growth', more loans available, more retailing purchases in Europe made. If the businessmen are so good, the banks must be too! To feed the rapacious businessmen, the Ice banks must get deposits, so offer slightly better deposit rates and attract BIG money from abroad- hey, with a government guarantee, what can go wrong? The people bask in a strong, appreciating currency, but funnily enough, when they get loans or mortgages, they have to be in Euros or Dollars (I used to ask whether that raised any suspicions), not Crowns. The first recession in 2008 brought the whole edifice down- the plumped-up share prices were exposed as vacuous, all loans in default, all bank deposits severely hurt as the assets they were loaned to were shown to be vastly reduced, currency falls, billions in deposits unable to be repaid.
However, it was all in the tea leaves right from the beginning. The businesses of the wannabee oligarchs were quite sad all along- just their share prices were boosted out of all proportion to the underlying assets, and it all led from there. Put weak Ice banks (in league with the businessmen) into the mixture, and the effect was magnified and sucked in outside banks. It's sad to see those same businessmen come through it all, I won't say unscathed, but still flaunting their wealth and desire to play airlines, whilst the little people (in Iceland and Europe) count their (enormous) losses whilst Iceland comes to terms with its gigantic debts and the billions of UK and Dutch money which was sent up there mysteriously 'evaporated', as well as the realisation that Vikings don't suddenly make swashbucklingly amazing and successful business pirates!
Now another one of them imagines 'he has it' with a new start up (in this recession?) whilst the one already in business contracts his ambitious ideas as he shrugs off some liabilities. The lines between the two are blurred, especially as the first was a director of the second, in dispute and now cosy again. The picture will undoubtedly change again. But I have no wish to look at them any more, or even the rock from whence they came. My sympathy and attention is with the staff trying to get by now and find new employment in this market, and the suppliers taking a hit from such foolish ambition (which continues unabated!). This is the tragedy of Iceland- a nation of just over 350,000 that should have stuck to making yoghurt and dried puffin meat and keeping warm.
There are lessons here leading to a short version of Iceland's modern history! It goes like this. Many volcanos surrounded by lots of haddock. people living proudly in a trying climate- shame it wasn't 30 degrees further south. Some businessmen decide to buy up each others shares talking up all their share prices. Suddenly they really start hitting paydirt, opening up large international bank loans to buy up shoe shops in the UK high street (and much more, like a doddery airline). Icelanders starts getting reputation as incredible business people (and they truly start believing it themselves!). With apparent 'growth', more loans available, more retailing purchases in Europe made. If the businessmen are so good, the banks must be too! To feed the rapacious businessmen, the Ice banks must get deposits, so offer slightly better deposit rates and attract BIG money from abroad- hey, with a government guarantee, what can go wrong? The people bask in a strong, appreciating currency, but funnily enough, when they get loans or mortgages, they have to be in Euros or Dollars (I used to ask whether that raised any suspicions), not Crowns. The first recession in 2008 brought the whole edifice down- the plumped-up share prices were exposed as vacuous, all loans in default, all bank deposits severely hurt as the assets they were loaned to were shown to be vastly reduced, currency falls, billions in deposits unable to be repaid.
However, it was all in the tea leaves right from the beginning. The businesses of the wannabee oligarchs were quite sad all along- just their share prices were boosted out of all proportion to the underlying assets, and it all led from there. Put weak Ice banks (in league with the businessmen) into the mixture, and the effect was magnified and sucked in outside banks. It's sad to see those same businessmen come through it all, I won't say unscathed, but still flaunting their wealth and desire to play airlines, whilst the little people (in Iceland and Europe) count their (enormous) losses whilst Iceland comes to terms with its gigantic debts and the billions of UK and Dutch money which was sent up there mysteriously 'evaporated', as well as the realisation that Vikings don't suddenly make swashbucklingly amazing and successful business pirates!
Now another one of them imagines 'he has it' with a new start up (in this recession?) whilst the one already in business contracts his ambitious ideas as he shrugs off some liabilities. The lines between the two are blurred, especially as the first was a director of the second, in dispute and now cosy again. The picture will undoubtedly change again. But I have no wish to look at them any more, or even the rock from whence they came. My sympathy and attention is with the staff trying to get by now and find new employment in this market, and the suppliers taking a hit from such foolish ambition (which continues unabated!). This is the tragedy of Iceland- a nation of just over 350,000 that should have stuck to making yoghurt and dried puffin meat and keeping warm.
WOW has announced its acquisition of Iceland Express, following that airline's demise.
According to Travel Mole:
Iceland's low-cost airline, WOW air, has acquired its 'rival' Iceland Express.
It has taken over all operations and schedules and is promising no disruption for passengers.
"The move is not a merger, it is a takeover, with WOW air acquiring the Iceland Express route network, branding and customer base; as well as gaining access to all knowledge and expertise acquired by the company in its years of operation," said a statement.
Some agents and operators had become frustrated with Iceland Express because it kept cancelling routes and switching airports (see previous story).
Discover the World stopped selling flights with Iceland Express altogether several years ago "due to the extremely unreliable way they operated".
But it said today that it had noticed recent improvements with the Iceland Express service and had watched WOW air operate well since its launch in June.
Discover the World continues to sell exclusively with Icelandair and easyJet but said it would now consider using WOW air as a overflow airline.
According to Travel Mole:
Iceland's low-cost airline, WOW air, has acquired its 'rival' Iceland Express.
It has taken over all operations and schedules and is promising no disruption for passengers.
"The move is not a merger, it is a takeover, with WOW air acquiring the Iceland Express route network, branding and customer base; as well as gaining access to all knowledge and expertise acquired by the company in its years of operation," said a statement.
Some agents and operators had become frustrated with Iceland Express because it kept cancelling routes and switching airports (see previous story).
Discover the World stopped selling flights with Iceland Express altogether several years ago "due to the extremely unreliable way they operated".
But it said today that it had noticed recent improvements with the Iceland Express service and had watched WOW air operate well since its launch in June.
Discover the World continues to sell exclusively with Icelandair and easyJet but said it would now consider using WOW air as a overflow airline.
Per Ardua ad Astraeus
Join Date: Mar 2000
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Indeed sxf - the writing was on the glacier the day WOW launched at KEF - there was NO room for 2 Icelandic lo-cos there, especially on similar routes.
Knowing a tiny bit about Icelandic 'ways' of investment, I do wonder if the underground investment 'root structure' might be worth investigating? Where is 'Titan Investment' financially based? Caymans, Luxembourg.................? Anyone know?
I wonder if the recent Canadian 'interest' in Iceland and the connections of Titan with Canada will trigger some new lo-co routes?
Knowing a tiny bit about Icelandic 'ways' of investment, I do wonder if the underground investment 'root structure' might be worth investigating? Where is 'Titan Investment' financially based? Caymans, Luxembourg.................? Anyone know?
I wonder if the recent Canadian 'interest' in Iceland and the connections of Titan with Canada will trigger some new lo-co routes?
Join Date: Dec 2013
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WOW
Do not waste your time with this company . 18 pilots were interviewd within 3 days all of them between 10 and 12000 hours ,however they failed all of them , because the 18 were stupid.
No ticket ,no hotel ,no transport nothing
No ticket ,no hotel ,no transport nothing
Join Date: Jun 1999
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Perhaps the company has high standards and is not willing to just take on anyone. As for reimbursement of costs, are you kidding?! My son was unemployed for 10 months and travelled up, down and around going to job interviews during those 10 months. All was at his own cost which, being unemployed, he could ill afford. Sign of the times.
