Wow Air is set to re-launch just months after the budget carrier declared bankruptcy and ceased operations .

The Icelandic airline went bust in March, leaving thousands of passengers stranded as their flights were cancelled with immediate effect.

But it looks like the carrier is about to get a new lease of life as American company US Aerospace Associates will reportedly hold a stake of just under 50 per cent in the business, alongside the carrier's Icelandic investors according to TTG Media .

US Aerospace Associates' Chairman, Michele Ballarin, unveiled the news at a press conference in Iceland last week, revealing that the carrier would re-launch with the same name.

The first flights are expected to take off in October 2019, with two aircraft, although there are hopes that this will potentially increase to as many as 12 planes next summer.

However there are some big changes coming as part of the new ownership.

For a start, Wow Air will have headquarters at Dulles airport in Washington DC, as well as facilities in Iceland at Keflavik Airport and in Reykjavik.

Meanwhile, although the carrier was renowned for being a budget airline, this time around the company is looking to feature extra perks for passengers such as airport lounges and in-flight meals created by a Michelin-starred chef.

There will also be a focus on freight transport.

Although it hasn't been revealed how much US Aerospace Associates paid for the airline, Michele Ballarin did reveal that they had invested millions of dollars into the venture.

Wow Air initially collapsed in March, as at the time it failed to find new investors.

Icelandair Group had been in talks regarding a potential takeover of the budget airline, but when these failed Wow Air was forced to cancel dozen of flights , before eventually declaring bankruptcy.

A statement on the website read: "WOW AIR has ceased operation and has been declared bankrupt. All WOW AIR flights have been cancelled permanently."

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