Don't let the Icelandics near your airline. The Icelandic 'Saga'.

[Boac]

Don't get me wrong - the Icelandic folk are great - working with them in Astraeus when we ran the 'Iceland Express' operation was most enjoyable (if expensive 'living'!).

However, once the Icelandics got financially 'involved' (100%) in Astraeus, things went downhill until it folded. A short period of fill-in leasing and PrimeraAir followed on and likewise. Then WOW took over Iceland Express (as was). Guess what.

[Capetonian]

Don't forget Loftleidir, and then there's the banking saga.

[Alisoncc]

Icelandies were okay when I visited them in the late sixties as a field engineer for RCA. Spent time with the Ch Eng's of both Icelandair and Loftleidir. Back then aeries couldn't make all the way from the US to UK without stopping for a refill. So they used to stop off in Keflavik to take on gas. Both Ice and Loft acquired reciprocal rights each end. Offering overnight stays in Reykjavik, where both ran quite swishy hotels. They were doing very well out of it financially back then.

Alison

[Pontius Navigator]

What's the story?

[Sisemen]

And they were responsible for the collapse of Excel. One son-in-law out of a job and ultimately a broken marriage.

[Boac]

"What's the story?" - WOW!

[Boac]

Just maybe not the end, but I suspect just drawing it out into one of those American cowboy "Gee Suzie, they got me" scenes. https://www.flightglobal.com/news/artic ... an-456921/

[Ibbie]

WOW has cancelled all flights today.

[Undried Plum]

Bust

[barkingmad]

Re XL collapse as one of those who watched the national news and realised for the second time I was out of a job I have some interest in this angle.

Many moons after that collapse I was told it was due to losses made by the French & German XL branches being written down against the UK branch which was dumped.

Then strangely Alphonse & Fritz continued to operate long afterwards-strange to park beside a 'frame in your former "defunct" colours but with "D" or "F" registration!

As for Iceland Express the stories of that operation alone would fill a book categorised as Horror in the library of airline "failures".

[llondel]

Not an airline, but I have worked for a company that got taken over and then made all sorts of losses which it appears were because of the way the parent company structured its "management and service charges" to the subsidiary (given how well we'd been doing before being bought), such that when we were closed down, they got to write off a bunch of stuff and clean up their own books. It came back to bite them at some point, the CEO and a few others got caught doing something that Wall Street didn't like and so had to go elsewhere to try again.

[Boac]

Yes, it's back. Some WOW management and a lot of finance and 'WAB' is born, 'hoping' to be operating by Autumn with 6 aircraft and 14 routes to Europe and the US.

What IS interesting is that one of the Ryan daughters apparently owns the (Irish) investment company that is putting up lots of dosh.

THINKS: If WAB goes down the tubes, could O'Leary just 'happen' to pick up an Icelandic base, Icelandic AOC and route licences..................? Hmm.

[barkingmad]

And allegedly WOW was started by one of the former management of Iceland Express who fell out with their CEO and went off in a huff to wave their willy in the aviation race!!

[Capetonian]

Apparently the Icelandics have taken an interest in TACV Cabo Verde Airlines and want to turn the Cabo Verde islands into the next Iceland! The only good thing I can see in this is that it might keep low end tourists away from Iceland, which has become badly over-touristed.

CV is a shithole par excellence.

[Boac]

"the Icelandics have taken an interest" - Who in particular, Cape?

[Capetonian]

Loftleidir Icelandic, a subsidiary of Icelandair Group, TACV Cabo Verde Airlines and the Government of Cabo Verde have decided to enter into a management agreement on the restructuring of TACV Cabo Verde Airlines. The purpose of this initiative is to strengthen Cabo Verde’s national airline and position it as a key strategic asset to contribute to Cabo Verde’s potential as a year-round tourist destination and to develop Cabo Verde’s position as a connecting hub, linking four continents, with a focus on flexibility and competitiveness.

Cape Verde's ambition to be the Iceland of the south

Loftleidir Icelandic, which has bought a majority share in Cabo Verde Airlines, has big ambitions for developing routes and increasing tourism to Cape Verde.

[Boac]

Thanks - interesting.

[svhar]

I am one of them, but I agree.