Holders of convertible bonds in the troubled Icelandic airline Wow Air have accepted terms regarding exchanging bonds for shares in order for the company to be able to finance its operations.

This is stated in a press release.

This effectively enables Wow Air to restructure the company's debt structure and free up cash until a more long-term solution is reached. Formal discussions have been initiated with the company's major investors.

Convertible bonds are basically a debt instrument that can be exchanged for shares in a company at a predetermined price, usually after a predetermined date.

Source: Nyhetsbyrån Direkt