More from Wow Air CEO Skuli Mogensen, via Icelandic state broadcaster RUV:

Q: Why the big turnaround?

It’s a very complicated matter, the airline business is complicated and we have a lot of creditors. It was a good progress when we managed to get bond holders to convert their debt into equity. But then there were other creditors and when this many people need to come together from so many countries and unfortunately we just couldn’t make it work.

Q: Were you too optimistic?

There is no doubt that some people will say that, but I also want to say that I’m very proud of the work that has been done and the amazing staff that has worked so hard.

We were pioneers in the low cost airline business [in Iceland] and had great success. We made certain mistakes but corrected those. All of us here saw and knew we were on the right track again, and it’s not least for that reason that I and others were optimistic.

The airline business this winter has been difficult, and many airlines have gone bankrupt and that hasn’t helped. The external circumstances are difficult. I still believe that if we had had a little more time we could have rescued this.

Q: Did creditors lose faith in you?

No doubt that some will have but, first and foremost, it was very complicated and I wished it had ended differently.

1,000 people will lose their jobs, and of everything that has happened, that cuts the deepest. This is an incredible group of enigmatic people. People who have stood together. It’s amazing how they have held their heads high despite this devastating news. I want to thank them all -- They have been absolute heroes.