With Indigo Partners canceling its plans to invest in WOW, the Icelandic low-cost airline turns back to Icelandair for an 11th-hour rescue
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"Although no agreement has been reached, the parties continue to work in good faith towards closing an investment as soon as practicable," the airline stated. The loan was intended to keep the airline operating during prolonged negotiations which included further due-diligence, adjustments to bond debts, the cancellation of a subordinated stockholder loan, and a lower valuation of the company.
On the same day, the airline also published a statement confirming that it was"in breach of information disclosure requirements and financial covenants" as required by regulations governing the bonds issued to the company in a previous rescue effort.The Company will initiate discussions with bondholders and submit a new written procedure in connection with Indigo Partners and WOW air’s continuing negotiations," the company stated.
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