/airmalta.gif)
The Icelandic low-cost carrier, which went bankrupt in March following failed negotiations to be acquired, should rise from the ashes next fall under the name of WAB Air (literally for We Are Back)
The two former WOW executives who initiated this project stated that the airline will again have a low-cost focus, and will start the operations with 6 aircraft, serving 14 destinations in Europe and North America
Avianta Capital, an Irish investment firm (owned by Kell Ryan, Ryanair founder’s daughter), will invest $40m to get the airline off the ground and will take a 75% share in return
The remaining 25% will be owned by a company, Neo, which is partly controlled by two former WOW Air executives
The consortium would like to employ 500 people and generate revenue around $160m after one-year exploitation
Source, Weekly airlines trends.
This is a subscription only section
Want to read more? It's only €10/year.
No account yet? Just Create an account first and head to the shop