Primera Air goes under, owner "immensely disappointed"

Andri Már Ingólfsson, owner of Primera Air who went under on Monday and asked for suspension of payments says that this conclusion to events is immensely disappointing.

"The most painful part is seeing all this immense groundwork that's  been laid just disappear, for all the good staff who have been working at it for so long," he said speaking to Morgunblaðið. 

He adds that it was only clear on Monday how things would turn out as the company had been seeking lead investors and sought to issue bonds amounting to 40 million Euros to recapitilise debt. "We were undergoing discussion with a new lead investor whom we liked." 

"In the last few months the airline market has struggled, oil prices have doubled in the last 12 months and price cuts on the markets have been much faster than people expected."