Airline collapses, stranding thousands of passengers worldwide

Wow Air has ceased operations and advised passengers to check available flights with other airlines. 

Wow Air has ceased operations and advised passengers to check available flights with other airlines

"In case of a bankruptcy, claims should be filed to the administrator/liquidator".

Iceland-bound WOW aircraft flying out of Copenhagen, Denmark; Amsterdam; Paris; Dublin; Brussels; Berlin and Frankfurt, Germany, did not take off Thursday, CBS reported.

Last week, Finance Minister Bjarni Benediktsson said the government is prepared to consider measures to bolster the industry.

"I will never be able to forgive myself for not taking action sooner", he added.

Saurabh Aggarwal, who was due to fly from Toronto to Reykjavik on Wow Air, described a chaotic scene at Toronto airport.

If you purchased a flight on Wow to Europe, you can call your credit card company - or go online - and ask to refund the payment because you won't be able to fly.

"Passengers are advised to check with other airlines", WOW wrote on its website.

Stranded passengers who had been set to travel with Iceland's Wow Air are being forced to book new tickets and absorb unexpected costs, after the airline shut down.

American Sean Tinschert and his partner had rushed to the Reykjavik airport after learning the airline had gone under.

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WOW replied with an apology and offer of further assistance.

The company said in a statement: "Passengers are advised to check available flights with other airlines".

WOW Air, founded by entrepreneur Skuli Mogensen, began operations in 2012 and expanded quickly.

WOW Air didn't give any other details about why it's ceasing operations.

"All our travel plans are now canceled and we had to scramble to find a local photographer to do the job my husband was hired to do because there was no way for him to get there in time", Branscombe says.

"I feel frantic. I am just going to get some food and figure out ... where I am going to stay tonight". This only applies to customers returning to Iceland up to April 14 and they must request it before April 7, or they will have to pay out of their own pocket to get home.

Europe is known as a cut-throat market with large, efficient competitors including Ryanair (RY4C.IR, RYA.L) and EasyJet (EZJ.L), along with legacy airlines such as Air France-KLM (AF.PA), Lufthansa (LHA.DE) and British Airways owner IAG (IAG.L).

However, WOW is not the only budget airline to collapse in recent years. Its revenue per passenger, however, has not kept up and fell by about 20 percent in 2017, according to the last earnings report.

So they booked through Detroit instead, and landed in Iceland on Saturday. "WOW was clearly an incredible airline and we were on the path to do unbelievable things again".

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