PLAY to Discontinue Service to North America From October 2025
- Joe Breitfeller
- 3 days ago
- 2 min read
Two of PLAY’s largest shareholders, CEO Einar Örn Ólafsson and Vice Chairman of the Board Elías Skúli Skúlason, aim to take over the airline and delist it from the stock exchange. As part of the new business strategy, the carrier will cease North American flights.
On Monday (June 9, 2025), Icelandic carrier PLAY announced that two of its largest shareholders are planning to make a takeover offer for all outstanding shares in the company, and delist it from the stock exchange. Alongside the offer, a share capital increase would also take place. Led by PLAY’s CEO Einar Örn Ólafsson and Vice Chairman of the Board Elías Skúli Skúlason, the takeover Group intends to continue promoting competition in the Icelandic aviation market, while operating under the PLAY brand by offering affordable fares for Icelanders and inbound tourists alike.
In Monday’s announcement, PLAY’s investor and CEO, Einar Örn Ólafsson, said,
“This is primarily a plan for practical changes to the operations of the Icelandic airline PLAY. We’re focusing on the profitable aspects of the business—sun destination flights—and discontinuing those that have not yielded results. We look forward to continuing to foster competition in the aviation market with our red aircraft and Icelandic crews. Our main goal remains to offer Icelanders affordable flights to the sun.”
As part of the takeover Group’s new business strategy, PLAY will operate a strong schedule of flights from Iceland to popular sunny destinations. Additionally, the company will cease operations to North America as of October 2025, and PLAY will offer fewer city destinations in Northern Europe. PLAY’s operations will continue under a Maltese Air Operator Certificate (AOC), and the Icelandic AOC will be surrendered. A total of four aircraft will operate between Iceland and primarily sunny destinations, while the remaining six jets will be leased to other airlines under ACMI arrangements. Moving forward, PLAY will increase emphasis on their offices in Malta and Lithuania.
The takeover Group will offer ISK 1 per share, and sellers will have the option to receive payment in shares of the new company or in cash. With these proposed changes, the takeover Group aims to strengthen the company’s focus on profitable operations, including flights to sunny destinations and aircraft leasing, while discontinuing the less successful parts of the business—namely, U.S. flights and connecting services. The new acquiring entity will be funded with a minimum of US $20 million, of which commitments have already been secured for over one-third.
Source: PLAY Airlines
