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".
Bloomberg shows BNY Mellon, Forte Fondsforvaltning, Hansainvest Hanseatische Investment and Universal Investment hold Wow Air bonds.
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.
The airline does not provide details of the bondholder equity plan.
Wow Air operates 11 aircraft, including one Airbus A320neo, eight Airbus A321s and two A321neos, Cirium's Fleets Analyzer shows. This is down from 20 aircraft when it first disclosed discussions with Icelandair over a possible acquisition at the beginning of November 2018.