Iceland's Wow air has ceased operations and canceled all its flights after efforts to raise more funds failed.
Iceland's Wow Air became the latest casualty among budget airlines on Thursday, ceasing operations and canceling all its flights after efforts to raise more funds failed.
"I will never forgive myself for not having acted earlier," Wow CEO and founder Skuli Mogensen wrote in a letter to the company's 1,000 employees, according to specialist website Check-in.dk. "My flight from Boston has been canceled. Having a hard time getting through to anyone on the phone. Can you help me at all?" Twitter user Marc Solari wrote.Wow is the latest budget airline to go out of business as the European airline sector grapples with over-capacity and high fuel costs. Recent failures include Britain's Flybmi, Nordic budget airline Primera Air, and Cypriot counterpart Cobalt.
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