Wow Air returns 4 aircraft in face of cash crunch

Wow Air has returned 4 aircraft to lessors as its financial position continues to erode. The carrier returned 2 Airbus A320 family aircraft and 2 Airbus A330-300 aircraft to their respective lessors, Wow said Monday. It calls the move part of a "necessary restructuring". The airline's fleet reduction follows a rapid deterioration of Wow's financial position since a Sept 24 bond issue, the airline says. Wow is actively seeking long-term funding to continue operations, a move that it says is a "necessity for the business". Icelandair Group announced plans to acquire Wow in early November, in a move seen as a way to shore up the two carriers that have engaged in a head-to-head battle on transatlantic routes in recent months. However, the airline needs both shareholder and regulatory approval for the deal. <br/>