From Iceland — WOW Air's Former CEO Already Looking To Start "New" Airline

WOW Air’s Former CEO Already Looking To Start “New” Airline

Published April 4, 2019

Andie Sophia Fontaine
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Skúli Mogensen, once the CEO of the failed WOW Air airline, is now seeking investors in order to start a new airline, tentatively called NewCo.

Fréttablaðið was first to report on the matter, their source material being an investment proposal dated yesterday. While WOW Air went bankrupt just a week ago, Skúli is already looking for up to 40 million USD in investment cash to get his new company off the ground.

The company, tentatively called NewCo, is planned to be a budget airline, much like WOW Air was. Apart from Skúli, other key executives from WOW are also a part of the project.

The presentation states that they have already sought an airline operators license and hope to begin with five airbuses; four A321s and one A320neos. They aim to be flying between Keflavík International Airport and 13 destinations in Europe and North America: London, Paris, Amsterdam, Berlin, Copenhagen, Dublin, Tenerife, Alicante, Frankfurt, Barcelona, New York, Baltimore and Boston.

Should this come to pass, Skúli and his key executives would retain 51% control of NewCo, while the investors ponying up the capital would collectively own a 49% stake.

The news has been puzzling to many Icelanders across social media, especially in light of WOW Air’s bankruptcy, and the resulting in the termination of 1,100 workers and counting. Many of these workers have subsequently been compensated by labour unions, rather than by Skúli.

How and whether this new company will get off the ground remains to be seen.

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