Play, a struggling Icelandic airline, is taking drastic steps to survive. The carrier has scrapped its North American routes and abandoned plans for an Iceland hub connecting Europe and America, as previously reported by Preferente. To stabilize its finances, Play is leasing out its aircraft.

In a major move, the airline is relocating its entire fleet of 10 planes to Malta, a decision recently confirmed after initial reports suggested only some aircraft would be transferred. Play will continue operating from Iceland but with just four planes based there, all registered in Malta. The airline will cease using its Icelandic license and operate solely under Play Europe's Maltese license.

These changes are part of a near-symbolic sale of the company. CEO Einar Orn Olafsson and deputy Elías Skuli Skulason, who together own 20% of Play, plan to merge it with BBL 212. This entity has $7 million and seeks an additional $13 million for acquisition by at a minimal price.

While the new project lacks clear definition, the goal is medium-term profitability. Play's bold restructuring reflects its urgent need to adapt and secure a sustainable future amid ongoing financial challenges.