Icelandic Low-Cost Carrier Play Collapses, Leaving Thousands Stranded

Icelandic low-cost airline Play ceased operations following weeks of poor ticket sales and a failed strategic shift, stranding thousands of passengers and putting hundreds of staff out of work. All of the company’s flights have been canceled, with the carrier now working with authorities to wind down operations, it said in a statement, WSJ Pro Bankruptcy reported. “Thousands of passengers will need to reorganize their return journeys, around 400 people will lose their jobs, and the company’s partners will suffer losses,” it said.
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Rafmennt Acquires Icelandic Film School After Bankruptcy

The Icelandic Film School is set for a fresh start under new leadership, as Rafmennt — the educational center of the Electrical Industry — has officially taken over its operations following the school’s bankruptcy in March, the Iceland Monitor reported. However, students will have to bid farewell to the school's longtime premises on Suðurlandsbraut. In a statement issued Wednesday, Rafmennt confirmed that it has purchased the school's name, trademark, equipment, and other assets from the bankruptcy estate.
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Iceland Deploys Jumbo Cut to Lower Western Europe’s Top Rate

Iceland’s central bank accelerated its easing campaign with a half-point reduction in western Europe’s highest borrowing costs as price pressure is slowing, Bloomberg News reported. Policymakers at Sedlabanki in Reykjavik lowered the 7-day term deposit rate to 8.5% on Wednesday, the biggest cut in more than three years. The decision was in line with the expectations of the north Atlantic nation’s largest banks, Islandsbanki hf and Landsbankinn hf, as well as the central bank’s survey of market participants.
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