Iceland's WOW air became the latest budget airline casualty on Thursday, halting operations and cancelling all future flights after efforts to raise more funds failed. | Video
March 26 Bondholders in WOW air have formally
approved to convert their bonds into equity and formal
discussions with investors have started, the Icelandic low-cost
airline said on Tuesday.
Icelandair has agreed to buy rival Icelandic airline WOW air from its founder for about $18 million in an all-share deal aimed at creating a stronger international competitor.
* Icelandair shares jump about 50 percent on deal
(Updates with share price and analyst comments)
Icelandic transatlantic budget carrier Wow Air will fly Asian routes later this year, in an expansion that will further boost Iceland's credentials as a global transit hub thanks to its "superior location", the company's founder and CEO said.