WOW Air, the struggling Icelandic carrier known for its purple planes and cheap fares to Europe, got a possible lifeline late Thursday.
Indigo Partners, a Phoenix-based investment firm with stakes in Frontier and other low-cost carriers, said it has reached a preliminary agreement to invest in WOW. The companies said WOW CEO and primary shareholder, Skúli Mogensen, would remain a principal investor after the deal.