Updated: Iceland's WOW Air budget carrier collapses, cancels all flights

The collapse of the troubled airline, which transports more than a third of those travelling to Iceland, comes after buyout talks with rival Icelandair collapsed earlier this week. WOW Air, founded in 2011, exploited Iceland's location in the middle of the North Atlantic to offer a low-cost service between Europe and North America as well as tapping into a tourist boom to the volcanic island. On Monday WOW Air said it was in talks to restructure its debt with its creditors after Icelandair ended brief negotiations over buying a stake in the no-frills airline.

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