The budget airline Wow Air stopped operating on Thursday, flowing thousands of passengers and threw the industry into more doubt after the collapse of peers.
Wow posted below on his website on Thursday. Read the full Wow Air statement here.
The 7-year-old Icelandic airline, renowned for its bright purple aircraft and rock bottom prices, had struggled with debt. In January, the company announced a staggering offer: one-way US flights to Europe for as little as $ 49.
A potential merger with Icelandair, which valued the carrier at $ 18 million to $ 25 million, broke down in November. The airline hit 111 jobs in December.
Wow Air also discussed potential investment from private equity company Indigo Partners, which owns budget airlines Frontier Airlines and JetSmart.
It's another kind for a sector that has been hammered in recent years. In October, the Nordic budget airline Primera Air went under. A year earlier, the UK's Monarch Airlines bust went through fierce competition for flights and a weak currency. Air Berlin, Germany's second largest airline, was filed for bankruptcy protection in August 2017.
Wow told affected passengers in turn: "In the event of bankruptcy, claims will be sought from the administrator / liquidator."