Icelandic budget carrier Wow Air has postponed all flights on 28 March as it finalises an equity raising with an unidentified group of investors.

The carrier announced the unusual move in a travel alert on its website, stating that flights are on hold “until documentation with all parties involved have been finalised.”

It adds that a further update will be made at 9:00 Iceland time.

Passengers who were booked on flights scheduled to operate on 28 March will be able to book on later flights or cancel their bookings and obtain a full refund.

The flight postponements comes a day after bondholders agreed to convert their debt in the airline to equity in a last-gasp effort to avert bankruptcy.

Having struggled financially over the past year as it ramped up its operations, Wow has struggled to attract new investment despite two attempts by Icelandair Group to take it over, and an approach from private equity group Indigo Partners that failed earlier this month.

Cirium’s Fleets Analyzer shows that Wow Air operates eight Airbus A321ceos, two A321neos and one A320neo. A single A330-300 is listed as stored.

Source: Cirium Dashboard