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We have been reporting on the rather gloomy outlook for Wow airlines in recent days and weeks. The airline has taken steps on its own to try and survive by downsizing its fleet and cutting routes. And as the faltering Reykjavik-based carrier has struggled to continue operations, it has seen potential saviors come and go. [Update, 3/28/2019: WOW Air has ceased operations. Find our ongoing coverage of WOW Air’s collapse, and what affected passengers can do about it, here.]

In a press release from December 14, Wow stated that they are moving forward with one of their potential investors. Indigo Partners, which owns Frontier Airlines, has agreed — in principal — to an investment in the failing airline.

If Indigo’s track record with troubled low-cost airlines is any indication, Wow might just survive. Indigo is widely credited with saving Spirit Airlines when it was struggling. Spirit is now one of the most profitable airlines in the ultra-budget sector, posting a third quarter net income of $97.5 million in 2018.

The agreement is yet to be inked by the two parties, but the press release says the due diligence phase has been completed by both sides. Under the agreement, Wow could see as much as a $75 million investment to help stabilize its business.

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