en.Wedoany.com Reported - On April 1st, Icelandair announced that it has signed a Letter of Intent to acquire a 49% stake in Fly Play Europe. The target company is a Maltese-registered subsidiary of the now-defunct Icelandic low-cost carrier PLAY Airlines, which entered bankruptcy liquidation in September 2025. Despite the parent company's liquidation proceedings, the Fly Malta entity remains active and holds a crucial Maltese Air Operator's Certificate (AOC). The core objective of this acquisition is to obtain this certificate, thereby enhancing Icelandair's operational flexibility and tax competitiveness in the European market.

Fly Malta had established a certain asset operation model before its parent company's bankruptcy. In the summer of 2025, the company attempted to transfer its entire fleet to the Maltese entity for debt restructuring. Prior to bankruptcy, this entity owned at least four Airbus A320 series aircraft. These aircraft were leased to Ukraine's SkyUp Malta under an ACMI (Aircraft, Crew, Maintenance, and Insurance) arrangement. Currently, this valid Maltese AOC has become a strategic springboard for Icelandair to optimize its traffic rights configuration.

Bogi Nils Bogason, President and CEO of Icelandair, provided an explanation for this move. He pointed out that holding dual or multiple AOCs is a common practice among major European airline groups. The Maltese registration not only offers significant tax advantages but also simplifies operational pressures at the Icelandic headquarters. If the transaction is finalized, Icelandair will break free from the limitations of operating under a single certificate. The airline will gain stronger bargaining power in cross-regional route planning. Simultaneously, there will be further room for cost control.

Currently, this acquisition of assets from a former competitor is still in its preliminary stages. Finalizing the deal requires completing thorough due diligence. Additionally, formal approval from the creditor committee of the original parent company is necessary. This acquisition case reflects the accelerated pace of asset restructuring in the Nordic aviation market in the post-pandemic era. Icelandair is building a more resilient international aviation network by absorbing the remaining high-quality qualifications of a bankrupt rival. This move aims to further solidify its industry position as a North Atlantic hub service provider.

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