WOW Air has canceled all flights and ceased operations after failing to reach an agreement with investors.
The announcement comes after the Icelandic budget carrier's most recent talks with rival Icelandair Group fell through.
According to Bloomberg, WOW Air canceled all 29 of its scheduled flights for Thursday, leaving some 2,700 travelers in limbo.
"Passengers are advised to check available flights with other airlines," the carrier said in a travel alert on its website. "Some airlines may offer flights at a reduced rate, so-called rescue fares, in light of the circumstances. Information on those airlines will be published, when it becomes available."
Ireland's flag carrier, Aer Lingus announced Thursday that it will offer special rescue fares for WOW Air passengers scheduled to fly between now and April 11 via the following numbers: 516-622-4222 (from the U.S.); 1890 800600 (from Ireland); 00353 1 886 8822 (from Europe); 0333 006 6920 (from the U.K.) and 800 474 7424 (from Canada).
Meanwhile, WOW Air passengers scheduled to fly after April 12 are encouraged to inquire about Aer Lingus' value fares from the U.S. and Canada to Europe starting from $569.
"Passengers whose ticket was paid with a credit card are advised to contact their credit card company to check whether a refund of the ticket cost will be issued," WOW Air said. "Passengers who bought their ticket from a European travel agent (within the European Economic Area) as a part of a package tour (a package which includes flights and accommodation or other services) are protected by the Package Travel Directive. Those passengers are advised to contact their travel agent to arrange an alternative flight."
WOW Air has been facing fears of potential collapse for several months, announcing plans to sell aircraft, cut service to multiple major U.S. cities and even canceling dozens of flights at the last minute earlier this week.
"We have run out of time and have unfortunately not been able to secure funding for the company," Chairman Skuli Mogensen said in a letter to employees via Bloomberg. "I will never be able to forgive myself for not taking action sooner."
The airline's first flights took off in 2012 and it employed more than 1,000 people by 2018, carrying approximately 3.5 million passengers last year.
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