WOW Air Assets For Sale Once Again

On July 12, the Icelandic business newspaper Fréttablaðið announced the purchase of the flight operations assets of the bankrupt estate of the former Icelandic low-cost airline WOW Air (WW/WOW) by Michele Ballarin, an American businesswoman and co-owner of USAerospace. The newspaper stated the purchase as already completed. In an interview, Ballarin stated, that they had already secured USD 85 million for the new WOW2 operations. The purchase price for the estate’s properties has not been stated, but a report in the Icelandic newspaper Morgunblaðið states that it was USD 1.5 million. The purchase was supposed to have been paid for with four payments, but as the first one was not received, the purchase was canceled. “Despite the cancellation, the message will have been sent to Ballarin and her business associates that the assets of the bankruptcy estate are still for sale,” a spokesperson told in the report. However, it is unclear whether Ballarin will try to buy them again or another bidder like the group behind WAB Air. On July 31, the Icelandic news is reporting about a new bidder: Air Atlanta Icelandic (CC/ABD) and Bluebird Nordic (BF/BBD). While Air Atlanta Icelandic specializes in leasing its Boeing 747-400 passenger and freighter aircraft to other airlines, Bluebird Nordic is operating with eight Boeing 737 freighter aircraft. Besides, the owner of Air Atlanta Icelandic also owns a half stake in Bluebird Nordic. Both airlines already had reportedly shown interest in buying the assets of WOW Air before the first acquisition of Ballarin, but did not make the race. 


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