WOW headed for bankruptcy [operations ceased 28 March 2019]
Jun 8, 2019, 6:24 pm
#123
Join Date: Sep 2010
Location: ATL/KEF/HEL
Programs: AY Silver, BA Silver, FI Saga hopeful
Posts: 63
No way to operate profitably, no way to get rid of.
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DJ
Jun 8, 2019, 6:55 pm
#124
Join Date: Sep 2010
Location: ATL/KEF/HEL
Programs: AY Silver, BA Silver, FI Saga hopeful
Posts: 63
ex-WOW (?) A320 TF-GPA
Additionally, we passed by KEF's ex-military apron little over a week ago.
TF-GPA was still there. It was given to Isavia as one of the "guarantee planes", because WOW had accumulated tens of millions of dollars in landing fees etc. that were going unpaid because Isavia and by extension, Icelandic government didn't want to be the entity that pushed WOW over the edge.
Only problem was that WOW didn't own that plane. Owned by ALC, which understandably got antsy about the fact that their property was now being held at KEF and they we're made liable for fees incurred by WOW. ALC sued Isavia, but they got slapped down by Icelandic court.
Isavia has magnanimously agreed to release the plane, the moment they receive "sufficient guarantees" that the debt will get paid. I imagine their definition of "sufficient guarantee" might take a form of cash sum equivalent of those debts, deposited in an Icelandic bank =)
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DJ
TF-GPA was still there. It was given to Isavia as one of the "guarantee planes", because WOW had accumulated tens of millions of dollars in landing fees etc. that were going unpaid because Isavia and by extension, Icelandic government didn't want to be the entity that pushed WOW over the edge.
Only problem was that WOW didn't own that plane. Owned by ALC, which understandably got antsy about the fact that their property was now being held at KEF and they we're made liable for fees incurred by WOW. ALC sued Isavia, but they got slapped down by Icelandic court.
Isavia has magnanimously agreed to release the plane, the moment they receive "sufficient guarantees" that the debt will get paid. I imagine their definition of "sufficient guarantee" might take a form of cash sum equivalent of those debts, deposited in an Icelandic bank =)
-
DJ
Last edited by docjones; Jun 8, 2019 at 7:41 pm