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Thousands of passengers have been left wondering if they will be able to get home after Wow Air cancelled all its flights and ceased trading this morning.

"Wow Air has ceased operation. All Wow Air flights have been cancelled," the company said in a statment.

Wow Air flies from Edinburgh, Gatwick and Stansted in the UK - to destinations including New York, Boston, Montreal, Reykjavik and Toronto.

The Icelandic airline was deep in debt and had been looking for a backer for months, in the past few days talks with a US firm and with Icelandair have broken off.

The race for survival has now been lost. The airline posted the following information for stranded passengers:

How to reach your destination?

"Passengers are advised to check available flights with other airlines," Wow Air said.

"Some airlines may offer flights at a reduced rate, so-called rescue fares, in light of the circumstances. Information on those airlines will be published, when it becomes available."

(Image: AFP)

What are my rights?

"Passengers whose ticket was paid with a credit card are advised to contact their credit card company to check whether a refund of the ticket cost will be issued," the firm said.

"Passengers who bought their ticket from a European travel agent (within the European Economic Area) as a part of a package tour (a package which includes flights and accommodation or other services) are protected by the Package Travel Directive. Those passengers are advised to contact their travel agent to arrange an alternative flight.

"Passengers who may have bought travel protection, or those passengers whose credit card terms may include such protection, may be entitled to claim compensation and assistance due to delays or travel disruption. However, such compensation is often limited.

"Passengers may also be entitled to compensation from Wow Air, including in accordance with European regulation on Air Passenger Rights. In case of a bankruptcy, claims should be filed to the administrator / liquidator."

How they got here

(Image: WOW Air)

Wow Air had been in talks with the Icelandair Group, with speculation that it could take over the carrier.

But the company has now confirmed that the discussions have ended.

In a statement, the company said: "Icelandair Group has decided that its possible involvement in WOW air’s operations, as announced on 20 March 2019, will not materialize. Therefore, all discussions between the parties have ended."

Last week, US private equity firm Indigo Partners also withdrew its offer to buy a stake in the budget airline.

The privately owned airline, founded in 2011, lost almost £32million before tax in the first nine months of 2018. Wow Air is believed to be abound £150million in debt.

Wow Air currently offers a number of flights from the UK, with a stopover in Reyjavik.