WAB air’s representatives have applied for an operating licence for the fledgling airline, led by two former WOW air higher-ups. Sveinn Ingi Steinþórsson, one of WAB’s founders, told RÚV preparations for the company’s establishment are going well. WAB is a working name for the airline and stands for “We Are Back.”
Irish Investment fund Avianta Capital has a 75% share in the company, with the remaining 25% in the hands of company Neo, partly owned by Arnar Már Magnússon, who ran WOW air’s flight operations, and Sveinn Ingi, who worked in WOW air’s economic department and was among its top managers.
An Icelandic company
“We have applied for an airline operating licence and are well prepared,” Sveinn stated. When asked when the company would begin hiring staff and whether it would be foreign or Iceland, Sveinn answered “We are an Icelandic company with and Icelandic national ID number and operating licence and we are going to have Icelandic staff.”
WAB may be well prepared for take off, but it appears the company will face competition. An anonymous American investor has purchased WOW air’s former property, including the now-bankrupt airline’s equipment, trademark, and logo. The unknown buyer is reported to have decades of experience in airline operation in the US and elsewhere.