Collapsed Icelandic low-cost carrier Wow Air is to be resurrected as a new airline called Play, with cargo operations due to begin in December.

Wow ceased flights in March after it failed to secure enough cash to stay afloat. It had been in discussions with Icelandair and Indigo Partners before its collapse but could not meet the financial terms of any deal.

The carrier’s assets were acquired by American company USAerospace Associates in September, with chair Michele Ballarin announcing her intention to re-launch operations, initially in October and later pushed back to December.

Ballarin said Play will initially operate cargo transportation before launching commercial flights.

During a press conference yesterday, Wow’s former VP of operations Arnar Mar Magnusson, who has been appointed CEO of the new airline, announced a change of the company’s name to Play along with a new red livery.

Play will operate a fleet of aircraft from the Airbus A320 family. It will initially launch flights to Europe but plans to open routes to North America next spring when the airline grows to six planes.

The airline has yet to obtain an air operating license but Magnusson said it is in the final stages of the application process.

Tickets are due to go on sale this month and Play has launched a recruitment campaign for roles throughout the company.

A press release on its new website says: “Play consists of people with a wide range of experience from the aviation industry from airlines such as Wow Air and Air Atlanta.”

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