ICELAND'S WOW AIR REVIVED BY US AVIATION FIRM
Iceland's defunct transatlantic carrier Wow Air has
been revived by a US aviation firm.
USAerospace Associates has taken over
the airline, which ceased operations in March.
Chief executive Michele
Ballarin said flights between Icelandic capital Reykjavik and Washington DC
would resume in October.
Speaking at a press conference late last week,
Ballarin confirmed the business had come to an agreement with Wow Air's
representatives.
USAerospace Associates will take just shy of a 50%
stake, with investors in Iceland holding the rest of the capital to comply with
EU airline ownership rules.
Ballarin said Wow would be based at Dulles
airport in Washington, with a presence at Keflavik airport in Iceland and in
Reykjavik.
Wow will initially relaunch with two aircraft, potentially
rising to 10-12 next summer, said Ballarin.
The airline collapsed in
March following protracted search for fresh investment, which saw a number of
potential partners - including Icelandair - pull out of a deal.
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