This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. For an explanation of our Advertising Policy, visit this page.

Time is not on WOW Air‘s side. While Icelandair announced its intentions to acquire the struggling carrier a few weeks ago, that’s not looking as certain right now. In a rare move, CEO Skuli Mogensen penned a letter to bondholders that paints a pretty rough picture. He not only blames “significant bad publicity about the financial health of WOW Air” for creating a situation where its Q4 financials are “materially worse than originally anticipated,” but lays out his view of a domino effect leading to today. [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.]

The series of unfortunate events includes, bizarrely, Primera Air’s collapse, which Mogensen claims “further worsened an already challenged situation.” As the walls have closed in around the carrier, customers are booking less and creditors are hounding WOW Air for payments — not exactly ideal when you’re having cash flow problems.  New York’s JFK, DallasSt. Louis, Cleveland, Cincinnati and Tel Aviv routes have been casualties of WOW Air’s contraction so far.

Mogensen goes on to say that WOW Air has been “working diligently to seek additional funding.” He has personally sunk another 5.5 million euro into the bond, noting that the company is “taking every step possible to ensure the continuous operation of WOW Air.”

If you have a booking, now would be a good time to check which credit card you used to purchase the flight and familiarize yourself with the card’s trip cancellation policies and other travel benefits. We’ve reached out to WOW Air for comment and will update if a response is provided.

Know before you go.

News and deals straight to your inbox every day.

2018 TPG Award Winner: Mid-Tier Card of the Year
Chase Sapphire Preferred® Card

NEW INCREASED OFFER: 60,000 Points

TPG'S BONUS VALUATION*: $1,200

CARD HIGHLIGHTS: 2X points on all travel and dining, points transferrable to over a dozen travel partners

*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.

Apply Now
More Things to Know
  • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 60,000 points are worth $750 toward travel
Intro APR on Purchases
N/A
Regular APR
18.24% - 25.24% Variable
Annual Fee
$95
Balance Transfer Fee
Either $5 or 5% of the amount of each transfer, whichever is greater.
Recommended Credit
Excellent/Good

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.