South Korean carrier Asiana Airlines has announced that it may sell assets, cut routes and may get rid of aircraft from its fleet to overcome financial difficulties. Co-chief executive Han Chang-soo says in a letter to the airline’s employees that a task force has been appointed to oversee the company’s restructuring process. The selling of Asiana's assets will help to boost its short-term liquidity, and help support its credit rating. No further details regarding route and aircraft cuts have been mentioned.

Icelandic budget carrier Wow Air has ceased operations and cancelled all flights, hours after suspending services while it attempted a last-ditch financial rescue.
The struggling carrier had been trying to arrange a debt-to-equity conversion with bondholders after talks with potential investment partners collapsed.
But the airline, which had called a temporary halt to flights on 28 March, states that it has now “ceased operation”.

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.