The Icelandic low-cost airline Play intends to raise around $575 million in fresh capital by issuing 18,8 million new shares. The carrier should already have commitments from existing shareholders.

A publicly available circular addressed to the low-coster's partners shows that further discussions will be held in the next few weeks with investors who are already involved. The aim of these negotiations is for those who have not yet made a commitment to subscribe for additional shares and thus increase their investments. In order to achieve the goal, commitments of around $10,2 million are still needed, according to the company.

The planned capital increase is to be decided on March 21, 2024 during the general meeting. Previously they were just promises. The identities of those shareholders who have already signaled their approval have not yet been published. During a Q&A that was held for the partners, the management said that they were not fundamentally against taking out loans, but that a capital increase was currently considered to be more sensible.

Just a few days ago it was announced that Play will slow down the planned growth of the fleet. In this context, leasing contracts for machines that have not yet been handed over have been terminated. The intention is to ensure the carrier's liquidity due to rising costs and is therefore temporarily putting expansion, which is considered cost-intensive, on the back burner.