Wow Air bondholders have agreed to convert their debt into equity in the beleaguered low-cost carrier.
The approval is part of Wow Air's latest restructuring attempt, which it says involves raising funds from investors to secure its "long-term sustainability".
The bondholder approval comes after Icelandair has twice pulled out of acquisition discussions, and Indigo Partners, known for its investments in successful low-cost carriers ranging from Wizz Air to Volaris, dropped plans to invest up to $90 million in Wow Air earlier in March.

Jet Airways has grounded another seven aircraft, taking the number of grounded aircraft up to 55 for default of lease payments.
Similar to its previous disclosures, the company "is actively engaged with all its aircraft lessors and regularly provides them with updates on the efforts undertaken by the company to improve its liquidity. Aircraft lessors have been supportive of the company's efforts in this regard."

American Airlines has removed the Boeing 737 Max from its schedules through April, prompting the cancellation of thousands of flights.

The Fort Worth, Texas-based carrier has pre-emptively cancelled roughly 90 flights a day through 24 April, totalling at least 2,700 flights, as a result of the grounding, it said on 24 March.

While the FAA has not said what changes to the aircraft are needed for it to allow the Max to return to the skies, Boeing plans to release a software update developed after the Lion Air crash last October in the coming weeks. The update is expected to address issues with the Manoeuvring Characteristics Augmentation System (MCAS) that played a role in the 2018 crash.