The fact that WOW Air is not financially well known has been around for some time. Of course, the owner and chief of this carrier from Iceland – Skuli Mogensen – also contributed significantly.
He has already begun three different negotiations on a possible strategic partner / investor, but they have always failed on the impossible conditions of Mogensen (strongly overvalued financial expectations).
First, his Icelandic competitor, Icelandair, was bidding to save WOW Air. After interrupting negotiations, Mogensen tried with Indigo Partners. Even this attempt failed and Indigo Partners lost interest in investment. Mogensen returned to the negotiation table with Icelandair, but these negotiations also failed for the third time. Yesterday the carrier announced that it has finally found a new investor but today “temporarily” shut down because of “finalization of contracts with new investors”.
WOW Air wants to provide additional information today at 10:00 CET.
In our opinion, a rather unusual way of finalizing investment contracts. Whether WOW Air gets into the air remains questionable yet …