Credit: Marco Ugarte | AP

Iceland’s budget airline Wow Air announced early Thursday morning that the company had ceased operations, canceling all of its flights, and stranding passengers around the world.

In a travel alert signaling the abrupt collapse, Wow Air urged its passengers to look elsewhere for flights to their destinations, noting that other airlines may offer “so-called rescue fares, in light of the circumstances.”

Wow Air did not include information on the alert detailing those fairs, but said “Information on those airlines will be published, when it becomes available.”

In a section of the alert with the heading “What are my rights?” the airline outlined how some passengers may be entitled to compensation for their canceled flights. People who purchased travel insurance, or who bought their tickets using a credit card that comes with travel protection may be able to claim compensation, Wow Air said, but added, “such compensation is often limited.”

Wow Air may also be obligated to compensate passengers, the company said, in accordance with European regulations. “In case of a bankruptcy, claims should be filed to the administrator / liquidator,” the company said.

On Twitter, stranded passengers expressed their frustration and tagged the company and other airlines in apparent efforts to get home.

As of Thursday, the carrier offered fares of less than $200 from Baltimore, Detroit, New York and Boston.

Last year, Icelandair reached an agreement to buy Wow Air, which would have combined the country’s struggling airlines; they both faced higher oil prices, slowed tourism to Iceland, and competition from rivals that offered direct flights to Europe. But the deal evaporated.

A private equity firm also recently discussed investing in Wow Air, but last week the airline announced the suitor had backed out of the talks. In a last-ditch effort, just a week before Wow Air announced the end of its operations, the company said it had rekindled conversations with Icelandair for a potential takeover, the Financial Times reported.