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WOW Airlines

Old 24th Mar 2019, 18:54
  #181 (permalink)  
 
Join Date: Jul 2008
Location: Iceland
Age: 35
Posts: 22
Press release from this afternoon:

"Icelandair Group has decided that its possible involvement in WOW air’s operations, as announced on 20 March 2019, will not materialize. Therefore, all discussions between the parties have ended."


Things are looking quite grim at the moment, best of luck to the employees.
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Old 24th Mar 2019, 19:28
  #182 (permalink)  
 
Join Date: Oct 2006
Location: southern spain
Posts: 1,744
Oh dear I fear the worst. Fuel bill due at the end of the month?
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Old 24th Mar 2019, 20:29
  #183 (permalink)  
 
Join Date: Sep 2003
Location: away from home
Age: 58
Posts: 702
Well, a significant interest payment due tomorrow...
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Old 24th Mar 2019, 21:41
  #184 (permalink)  
 
Join Date: Nov 2018
Location: Iceland
Posts: 12
Dear Friends


I realize this is starting to sound like a never ending story....and I truly hope it will be a never ending story!! so I am extremely pleased to inform you that Bond holders and some other major creditors are working with us on securing WOW air going forward.

I cant share any more details with you at this stage beyond the below statement that just went out.

“A majority of WOW air Bond Holders and other creditors of WOW air are in advance discussions with the aim of reaching an agreement on a voluntary restructuring including an agreement of converting current debt into equity and fund the company towards long term sustainability. Further information will be given tomorrow.”


I also want to thank you for the incredible support and vote of confidence that I have received from so many of you in the last couple of days. Many of you have expressed interest in helping out and even asked if you could participate in any financing by using part of your salaries in this regard.

I am extremely grateful and happy to say that we are looking at ways to enable all of you to participate regardless of size because it would be fantastic if you would also become shareholders so that we can continue to build WOW together.

Thank you again for everything and I will let you know as soon as I know more.




Krugerpark is offline  
Old 24th Mar 2019, 22:52
  #185 (permalink)  
 
Join Date: Nov 2018
Location: Iceland
Posts: 12
Dear members of ÍFF,

Given the recent events with WOW air, we’ve decided to have a Union Meeting next Tuesday March 26th at xx00hrs. The meeting will take place at Bar & Bistró. **As usual there’ll be refreshments available.*

We hope to see you there.

Kveđja, regards,

ÍFF
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Old 25th Mar 2019, 09:06
  #186 (permalink)  
 
Join Date: Nov 1999
Location: UK
Posts: 261
Several cancelled flights today and tomorrow now showing.
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Old 25th Mar 2019, 10:37
  #187 (permalink)  
 
Join Date: Jul 2014
Location: Ireland
Posts: 90
Looks like they may have parked TF-DOG and TF-PRO in Montreal. Does that mean they're down to 6 aircraft now?
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Old 25th Mar 2019, 10:39
  #188 (permalink)  
 
Join Date: Mar 2000
Location: Sunrise Senior Living
Posts: 1,297
Don't see any on Flight radar.
mcdhu
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Old 25th Mar 2019, 10:46
  #189 (permalink)  
Ramasseur des pommes
 
Join Date: Mar 2003
Location: UK
Posts: 766
Don't see any on Flight radar.
Four still flying at 1045Z:



(Actually five, the FRA-KEF just popped up)
Attached Images
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Old 25th Mar 2019, 11:11
  #190 (permalink)  
 
Join Date: May 1999
Location: Europe
Posts: 119
20 or so flights cancelled between now and Thursday.
Are they releasing more units back to Lessors?

Fingers crossed for all concerned.
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Old 25th Mar 2019, 11:53
  #191 (permalink)  
 
Join Date: Jun 2018
Location: World
Posts: 0
https://aviationvoice.com/icelandair...%20air%20Again
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Old 25th Mar 2019, 15:05
  #192 (permalink)  
 
Join Date: Nov 1999
Location: UK
Posts: 261
Two WOW air planes have been grounded, one in Montreal and the second in Santa Clara in Cuba. The planes were grounded on request of the company that rents the planes to WOW air.

Bookings for nine destinations have been closed on the WOW air website.

https://icelandmonitor.mbl.is/news/n...t_cancellatio/
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Old 25th Mar 2019, 15:06
  #193 (permalink)  
 
Join Date: May 1999
Location: Europe
Posts: 119
Originally Posted by wing man View Post


Can’t see any cancellations other then the morning gatwick??
  • 24.03.2019 WW264 Miami Havana 22:00 23:15 Cancelled
  • 25.03.2019 WW263 Havana Miami 00:15 01:30 Cancelle25.03.2019 WW153 Reykjavik Chicago O’Hare 15:10 11:10 Cancelled
  • 25.03.2019 WW147 Reykjavik Pittsburgh 15:50 12:50 Cancelled
  • 25.03.2019 WW154 Chicago O’Hare Reykjavik 10:50 16:50 Cancelled
  • 25.03.2019 WW148 Pittsburgh Reykjavik 14:00 19:00 Cancelled
  • 25.03.2019 WW286 Miami Frank Pais, Cuba 16:15 17:35 Cancelled
  • 25.03.2019 WW285 Frank Pais, Cuba Miami 18:35 19:50 Cancelled
  • 26.03.2019 WW462 Reykjavik Brussels 06:25 08:25 Cancelled
  • 26.03.2019 WW650 Reykjavik Milaan Malpensa 07:00 09:00 Cancelled
  • 26.03.2019 WW463 Brussels Reykjavik 12:35 12:35 Cancelled
  • 26.03.2019 WW153 Reykjavik Chicago O’Hare 15:10 11:10 Cancelled
  • 26.03.2019 WW622 Reykjavik Barcelona 15:20 17:20 Cancelled
  • 26.03.2019 WW154 Chicago O’Hare Reykjavik 10:50 16:50 Cancelled
  • 27.03.2019 WW623 Barcelona Reykjavik 09:05 09:05 Cancelled
  • 27.03.2019 WW651 Milaan Malpensa Reykjavik 10:30 10:30 Cancelled
  • 27.03.2019 WW153 Reykjavik Chicago O’Hare 15:10 11:10 Cancelled
  • 27.03.2019 WW154 Chicago O’Hare Reykjavik 10:50 16:50 Cancelled
  • 27.03.2019 WW147 Reykjavik Pittsburgh 15:50 12:50 Cancelled
  • 28.03.2019 WW650 Reykjavik Milaan Malpensa 07:00 09:00 Cancelled
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Old 25th Mar 2019, 17:08
  #194 (permalink)  
 
Join Date: May 1999
Location: Europe
Posts: 119
Taken directly from Wow Air website.........

https://wowair.us/travel-info/flight-info/
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Old 28th Mar 2019, 06:58
  #195 (permalink)  
 
Join Date: Nov 2018
Location: Iceland
Posts: 12
AOC suspended?

Dear all,



As this is the case, we are canceling pick ups 28MAR in Kópavogur and Ásbrú. We will inform you of any change.

Međ kveđju / Best regards
XXXXXXXX. XXXXXXXXXXOperations Controller | Flight Operations

——————————————


Dear coworkers



WOW air is in the final stages of finalizing equity raise with a group of investors. All flights have been postponed until documentation with all parties involved have been finalized. Further information will be given at 9 am.



Best regards,

Xxxxxxxxxx

Međ kveđju / Best regards
Xxxxxxxx xxxxxxxxxxx
Xxxxx. HR Human Resources

Krugerpark is offline  
Old 28th Mar 2019, 08:22
  #196 (permalink)  
 
Join Date: Jan 2008
Location: Hungary
Posts: 502
It's over:
https://wowair.com/travel-alert/?_ga...186.1553516478

End of Operation of WOW AIR

Information for WOW AIR passengers

WOW AIR has ceased operation. All WOW AIR flights have been cancelled.
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Old 28th Mar 2019, 09:13
  #197 (permalink)  
 
Join Date: May 2007
Location: Up there
Posts: 45
Very sad news...always liked that airline. Let's hope the best for their employees...
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Old 28th Mar 2019, 20:31
  #198 (permalink)  
 
Join Date: Aug 2016
Location: Iceland
Posts: 5
As i said here in the forum years ago when i was employed there, they were arrogant, unsafe and even a bit racist against the expats. Now they are going to become expacts, and we wait them to knock at our doors.
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Old 29th Mar 2019, 06:31
  #199 (permalink)  
 
Join Date: Nov 2018
Location: Iceland
Posts: 12
farewell

The company was founded by the billionaire Skúli Mogensen, who made his fortune in the Icelandic tech business. He sold his company, OZ, to the Finnish phone-giant Nokia in the year 2008, just moments before the banking system crashed in Iceland. His money was not in Iceland when that happened, so when the Icelandic króna fell, well, his dollar stayed the same. He found himself as one of the wealthiest people in Iceland overnight. At least, that is how the story goes.

Skúli founded WOW Air in 2011, just around the moment of the eruption of the notorious Eyjafjallajökull volcano, which became a blessing in disguise for the travel industry in Iceland. That and of course the Icelandic króna, which was so low that tourists actually afforded to come to Iceland for the first time and buy a pint or two while they were at it.
But this airline was quite different from what Icelanders had seen before. It was more about the image although they were budget airline. Airlines of course have always had their appeal through the decades, and it looked like Skúli was determined to restore the romantic view of the airlines.

The color purple was chosen for its logo and merch, and you could not see a picture of Skúli in the media without two or more of his beautiful flight attendants around him smiling like it was the 50s and feminism was just an odd idea that nobody really cared about.

The image of the company also emphasised a new and glamorous lifestyle and cunningly playing with the notorious FOMO feelings related to social media.

The first year of WOW Air was a mild success. Over 110,000 customers flew with the airline their first year. In 2014, they were just under half a million; in 2016, 1.6 million; and in 2017, about 3.5 million people flew with the airline. It looked like an amazing success, but some could see that there was turbulence in the air.

WOW Air lost 330 million ISK in 2013, but all in all they lost around 1.1 billion ISK (8 million Euros) the first two years. At that time, the company’s shares were solely in the hands of Skúli himself, so it was hard to see exactly what was going on within the company. But it was obvious that they were losing money,

The fast growth of the company became a real problem when, in 2015, WOW Air flew the same number of travellers in July as they did in the whole year of 2012.the EBITDA OF 2015 was -536 million ISK.

The next two years were surprisingly calm and successful for the purple airline. The flight attendants, who looked like they got lost in time, smiled like they had never smiled before, and the airline announced that the profit for 2016 was 4.3 billion ISK. But that changed quickly.


Skúli had made a bad deal connected to the fuel price. A credit card company, Korta, that WOW Air had close ties with, got into trouble after the bankruptcy of the budget airline Monarch went bust. And to add to that problem, there was a contraction in the travel industry. Things were not looking good for Skúli and his smiling stewards.

In 2018, it became apparent that something drastic needed to be done if WOW Air was going to survive this storm. Media reported that the company owed a state run company, ISAVIA, 2 billion ISK in landing fees. To be exact; the company owed the tax payers in Iceland 2 billion ISK.

The situation was grave. So Skúli had to walk the gauntlet of humiliation and talk to Icelandair about a possible buyout or some kind of a form of saving the company. Keep in mind that Icelandair is the oldest airline and a very established airline in Iceland. The government has even vouched for its debts at one point, after the 9/11 attacks.

These WOW Air/Icelandair negotiations happened last November. Nothing came out of it in the end, although many were hopeful that this would be the solution. And everybody had this same feeling; something was wrong.


Skúli ended the negotiations with Icelandair and suddenly the owner of Wizz Air, Indigo Partners, was on the other end of the negotiation table. They crunched the numbers for weeks, and it was said that the time they took to look over the finances of Wow Air was unusually long. After crunching the numbers, Indigo Partners said there was no deal. This was of course before the public heard that WOW Air lost 22 billion ISK just last year.

Things were not looking good for Skúli.. It’s safe to say that he pulled out some serious financial tricks to keep afloat. And on Wednesday, the shareholders announced that they had taken over the company.

But like with all tragedies, this was too late. The owners of the airplanes that WOW Air used demanded 300 million ISK last night for them to continue using the planes. WOW Air tried to convince the owners of the plane to give them more time. But because of the Airbus scandal with Boeing, airplanes are in high demand right now, and with the shaky state of things, the answer was a hard no.



So, what happens now?

Well, there are at least 1100 empyoee without a job.That is a number Iceland hasn’t seen since the collapsing of the financial system in 2008. The effects will have a heavy impact on hotels and restaurants in Iceland, and the whole travel industry in the country is upset because of this. The timing could not be worse. Banks have forecast that there will be some contraction in the Icelandic travel boom, and to add on that, there are complicated wage negotiations going on and the unions are threatening strikes.

It is expected that this will affect Iceland’s economy, possibly resulting in a contraction of about 2%-3% of the GDP, and the króna could weaken by as much as 13% in the next year.


I have just got back to the rock, after being stranded for hours: thanks to the kindness of the competition....

may be this is what happens when an airline is run by á group of @[email protected] friends with lttle education inadequate qualifications and even less experience

Now we are reading of journey of a lifetime, end of an era, wish of all the best, vacation in Bali with Churchill quotes,video of “Shake it off”, stamping of logbooks, beers shared and offered by the union, work under heavy stress to do paperwork , advice to live hotel in a hurry “ to avoid any argument “, tearjerker messages of the usual suspects on workplace ... however why do I think I have been screwed...???
someone knew and didn’t tell....may be is the only one who hasn’t sent us a pretty email yet.


I have met some fantastic people in Wow and a few others ...which do not deserve me wasting time on finding epithet to describe them.... all the best to All of you nonetheless.
cheers
Kruger







Last edited by Krugerpark; 29th Mar 2019 at 08:16.
Krugerpark is offline  
Old 29th Mar 2019, 22:09
  #200 (permalink)  
 
Join Date: Mar 2018
Location: Sweden
Posts: 13
Re Krueger.

Sad story to hear, but also really appreciated that you share your story and knowledge about WoW. 😢

I really hope the best is yet to come for you and your former colleagues.
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