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WOW Airlines

Old 27th Nov 2018, 17:09
  #161 (permalink)  
 
Join Date: Nov 2018
Location: Iceland
Posts: 12
Letter tó the bond holder ( from wow web site)

Dear WOW air bondholder,
Since the closing of our bond offering in September a number of external and internal events have unfortunately worsened significantly and we are now working hard on securing the long term funding of WOW air.
During and following our bond offering we had significant bad publicity about the financial health of WOW air which ended up having a more negative impact on our sales and credit position than anticipated. As a result, our Q4 results are materially worse than originally anticipated.
Secondly when Primera air collapsed in October the negativity escalated which has further worsened an already challenged situation. We were making with finalizing a sale lease back agreement which has since been cancelled resulting in USD25m less inflow than originally planned.
Thirdly and due to the continuous negative events all our lessors, creditors and authorities have been monitoring the situation even closer and demanding stricter payment terms then before further putting pressure on our cash flow.
Last but not least oil surged to new heights in the weeks and months after our offering which at that time also put pressure on our financial outlook. While this has since retreated the impact on our position during these weeks has not recovered accordingly.
With the above in mind we have been working diligently to seek additional funding and have received interest from a number of parties including Icelandair as has been publicly announced.
Timing is a consideration as the situation described above has resulted in these funding initiatives becoming a necessity for the business.
While this is not a situation that any of us envisioned in September and I personally invested EU 5.5m cash in the bond as I was convinced the funding would be sufficient to take us to and IPO in the next 18 months. So having to write this note is not taken lightly by any means and I can ensure you that we are taking every step possible to ensure the continuous operation of WOW air.
This is however where we are and hopefully we can together finalise an acceptable solution.
Regards,
Skuli Mogensen
Reykjavík, 27.11.2018
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Old 28th Nov 2018, 21:11
  #162 (permalink)  
 
Join Date: Nov 1999
Location: UK
Posts: 261
4 aircraft returned to lessors last night. No deal from Icelandair. Wow Air is on life support..
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Old 28th Nov 2018, 21:42
  #163 (permalink)  
 
Join Date: Nov 2003
Location: At home
Posts: 26
Originally Posted by fruitbat View Post
4 aircraft REPOED by lessors last night. No deal from Icelandair. Wow Air is on life support..
AOC most likely revoked by Friday afternoon....
Early Right is offline  
Old 29th Nov 2018, 10:37
  #164 (permalink)  
 
Join Date: Jul 2006
Location: East of Monkey Island!
Age: 44
Posts: 149
Just got an e-mail from Parc CAE they are looking for FO and Capt for WOW air.
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Old 29th Nov 2018, 11:10
  #165 (permalink)  
 
Join Date: Nov 2018
Location: Iceland
Posts: 12
Originally Posted by babemagnet View Post
just got an e-mail from parc cae they are looking for fo and capt for wow air.
😂🤣🤣😂🤣🤣🤣🤣🤣😂😂😂😂
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Old 29th Nov 2018, 16:42
  #166 (permalink)  
 
Join Date: Nov 2018
Location: Iceland
Posts: 12
... and calling guys about to loose their job “ fat to trim”....
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Old 29th Nov 2018, 17:41
  #167 (permalink)  
 
Join Date: Nov 2018
Location: Iceland
Posts: 12
Originally Posted by kendrick47247 View Post
Where has this been written/heard?
letter of the “president” of the union... and do not forget to book the Xmas buffet!
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Old 29th Nov 2018, 18:04
  #168 (permalink)  
 
Join Date: Nov 2017
Location: Up front
Posts: 14
Hey Krugerpark,
how about you shut the ##ck up! We are talking about people’s employment here!! Your gloating is tiresome.
It may be as reported that the end is nigh, however we are still batting and hopefully we will come through, and not have to go through a traumatic situation with our families. And especially for the kids coming up to Christmas.
lhs320
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Old 29th Nov 2018, 19:42
  #169 (permalink)  
 
Join Date: Mar 2016
Location: outerspace
Posts: 79
Originally Posted by LHS320 View Post
Hey Krugerpark,
how about you shut the ##ck up! We are talking about people’s employment here!! Your gloating is tiresome.
It may be as reported that the end is nigh, however we are still batting and hopefully we will come through, and not have to go through a traumatic situation with our families. And especially for the kids coming up to Christmas.
lhs320
Í am sorry, but I cannot hold my tongue anymore.
Xmas? The kids?Do you reallt want to go down that path, liike you are the only one with them?
if I were you I would seriously go back and read what you posted so far: at least be honest.
let’s keep it professional here. Hope the best for everyone and let’s stay positive. For sure the choice of words in the union letter wasn’t the best, but I am sure he did not mean it and he will apologise.
take care.

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Old 29th Nov 2018, 21:45
  #170 (permalink)  
 
Join Date: Nov 2017
Location: Up front
Posts: 14
Hi All,
yeh yeh we still survive ​​​​​!!
lhs320
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Old 29th Nov 2018, 23:45
  #171 (permalink)  
 
Join Date: Aug 2015
Location: Escaped the sandpit 53° 32′ 9.19″ N, 9° 50′ 13.29″ E
Posts: 596
Looks like the white knight is on his way....

https://markets.businessinsider.com/...ent-1027768928


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Old 30th Nov 2018, 17:32
  #172 (permalink)  
 
Join Date: Nov 2010
Location: Atlanta
Age: 51
Posts: 408
Originally Posted by ExDubai View Post
Looks like the white knight is on his way....

https://markets.businessinsider.com/...ent-1027768928


Having worked under Indigo management I would never call them white knight.... If Indigo takes over expect to work under conditions that are 50% of what your peers make. Just look at Spirits (NK) old contract and Frontier’s (F9) current contract compared to what everyone else is making in the USA. After Indigo left I got a 50% raise and I still make less than 90% of other A320 pilots in the US.
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Old 30th Nov 2018, 19:09
  #173 (permalink)  
 
Join Date: Aug 2015
Location: Escaped the sandpit 53° 32′ 9.19″ N, 9° 50′ 13.29″ E
Posts: 596
@Hans me neither. I‘ve should’ve marked the hint of sarcasm
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Old 30th Nov 2018, 21:31
  #174 (permalink)  
 
Join Date: Mar 2010
Location: uk
Posts: 113
It's such a shame that if you read all the early posts, all that people were interested in was gross monthly pay. Probably this greed has led to the company's predicament. Yes the airline should have had sound finances before being given an AOC but really, who wants to stop half way across the Atlantic anyway?
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Old 30th Nov 2018, 21:45
  #175 (permalink)  
 
Join Date: Aug 2015
Location: Escaped the sandpit 53° 32′ 9.19″ N, 9° 50′ 13.29″ E
Posts: 596
Originally Posted by MichaelOLearyGenius View Post
It's such a shame that if you read all the early posts, all that people were interested in was gross monthly pay. Probably this greed has led to the company's predicament.....
Good joke....
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Old 1st Dec 2018, 08:54
  #176 (permalink)  
 
Join Date: Nov 2005
Location: Here and there
Posts: 70
Originally Posted by hans brinker View Post


Having worked under Indigo management I would never call them white knight.... If Indigo takes over expect to work under conditions that are 50% of what your peers make. Just look at Spirits (NK) old contract and Frontier’s (F9) current contract compared to what everyone else is making in the USA. After Indigo left I got a 50% raise and I still make less than 90% of other A320 pilots in the US.
A day ago, it was little Tommy’s Christmas present, today it is “the t&cs are always below standard @indigo’s airlines” This is true, but I would like to see the day when going from an almost bankrupt airline to finding a sound investor is viewed as a positive thing. The world changes fast, doesn’t it.
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Old 1st Dec 2018, 14:56
  #177 (permalink)  
 
Join Date: Nov 2018
Location: Iceland
Posts: 12
I’m happy to see there is still people with some sense here.
I am going to shut up now. I know it makes you happier.
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Old 13th Dec 2018, 10:42
  #178 (permalink)  
 
Join Date: Feb 2012
Location: Europe
Posts: 23
Just announced today, a total of 350-400 people laid off (110 full time plus contractors and part time employess). Fleet reduced from 20 to 11, only 320 and 321...

Only in Icelandic yet: https://www.mbl.is/vidskipti/frettir/2018/12/13/uppsagnir_hja_wow_air_og_velum_faekkad/

Today's email from WW CEO Skuli to the employess has been leaked:

Dear friends,

After an incredible journey since founding WOW air seven years ago, we are now faced with the biggest and most difficult restructuring in the history of the airline which includes making some very tough decisions. This involves significantly reducing our fleet from 20 to 11 aircraft and not taking delivery of the four A330neo, scaling back our operations accordingly and therefore I am very sad to say laying off a large number of people. This action is devastating given the hard work all of you have been doing and I wish there was any other way possible. We have looked at multiple possibilities but unfortunately this reduction is the only credible way we can see to save WOW air and build a foundation that we can grow from again. I am deeply sorry for having to take this extreme action since it will affect many of you dedicated WOW employees and a large number of consultants and temporary hires. However, I sincerely hope you will understand that this is necessary in order to save the remaining almost 1000 jobs at WOW air and allow us to continue to fly to and from Iceland and across the Atlantic. We are going back to our roots as an ultra-low cost airline and focus on our core business which served us so well in our first years up until 2017. Instead of sharpening our ultra-low cost model based on the success of 2015 and 2016 we started complicating our business by adding the wide body aircraft and introducing Premium and Comfy products which is far from our original vision. In short, we lost focus and started behaving like a legacy airline. These mistakes have almost cost us the company as our losses in 2018 have escalated in recent months due to poor financial results. It’s very important to note that I cannot blame anybody but myself for those mistakes as I personally championed the A330 fleet expansions, premium seating and to fly further east and west. This is a very painful lesson since at the same time we have built something unique with WOW air and while this will require us to take one difficult step back in the short term, I am convinced it will enable us to take two steps forward in the long term and ensure that WOW air will thrive in the future. With the prospect of getting Indigo Partners as our investors I want to go back to our original vision and demonstrate that we can indeed build a great low cost long haul airline. For what it’s worth I want to thank you and I also want to make the promise that once we start growing again you will be the first that we will welcome back. There will be a staff meeting at 1pm today and myself and the management team will be around all day to answer any questions and concerns you might have.
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Old 21st Mar 2019, 21:36
  #179 (permalink)  
 
Join Date: Nov 2018
Location: Iceland
Posts: 12
Originally Posted by LHS320 View Post
Hi All,
yeh yeh we still survive ​​​​​!!
lhs320
Dear friends,



As all of you know we have been working day and night together with Indigo Partners to ensure the future of WOW air. Unfortunately we did not succeed in those negotiations. This is obviously very disappointing after all our hard work and great results that we have been seeing in all areas of our operations so far this year.

However rather giving up, we have taken up negotiations with Icelandair and expect to conclude those negotiation by early next week. I wish I could share more information with you, however unfortunately at this stage there is little more I can say.

As always the best we can all do is to continue to focus on delivering on our promises and ensure that our aircraft fly our passengers safely to and from Iceland.

Thank you for your dedication and resilience. I will keep you posted as soon as I know more.

Sincerely,

sm

Indigo Partners cancel negotiations with WOW air – WOW air starts discussions with Icelandair Group

Reykjavik, Iceland – March 21, 2019

The proposed investment of Indigo Partners LLC ("Indigo Partners") in WOW air has been cancelled by Indigo Partners. Therefore, all negotiations between WOW air and Indigo Partners have been cancelled.

Subsequently WOW air has started discussions with Icelandair Group. The parties aim to conclude the negotiations by Monday March 25, 2019.

This information is information that WOW air hf. is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 21:10 GMT on March 21, 2019.
Međ kveđju / Best Regards

Skúli Mogensen
Founder/CEO
Tel. + 354 590 3000
WOW.is
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Old 22nd Mar 2019, 12:13
  #180 (permalink)  
 
Join Date: Apr 2009
Location: UK
Posts: 421
Or......

Dear Friends, as you are aware there is only one party to negotiate with now so we respectfully suggest that you bring along a large tub of vaseline to work should you find that you are fortunate enough to be gainfully employed in the coming period.

Rest assured that your management team will continue to work tirelessly to ensure that we are able to maintain our earnings ability throughout the forthcoming period of cost re-alignment.

Sincerely Yours....
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