PLAY Airlines has announced it has ceased operations.

Some friends of ours flew to Iceland on this carrier last year. Younger couple, trying to go on a shoestring budget. Said it was the worst experience they had ever had. Not worth the airfare savings.

I hope those who were booked can get refunded quickly. What a nightmare for everyone involved.

If you booked with them, contact your credit card company for a charge back....

If you used a debit card....you may be in trouble sadly

WOW

This was somehow foreseeable.

If you have a debit card (at least in the UK) you can still do chargeback. I did that during the pandemic when CMV cruises went bankrupt, and I had two forward cruises booked on them.
I had to go the chargeback route as the ABTA bonding process (which should have protected me) also failed in that instance.

I was only going to get 10% (at best) back if I had applied through the liquidators.

A number of former executives from Wow Air, a previous Icelandic budget airline that shut down in 2019, launched Play in 2021. Play's strategy was very similar to Wow's: Offer dirt-cheap, no-frills airfare that comes with fees for everything from seat assignments to water on transatlantic trips via KEF.
https://www.msn.com/en-us/travel/news/icelands-play-airlines-shuts-down-effective-immediately/ar-AA1NxKwD

The only real surprise is that is took 4 years to implode

A hint at the problems was revealed here--https://community.ricksteves.com/travel-forum/iceland/play-airlines-6e55a0da-d5fb-4cf2-b662-15f29afdfe22

and here--https://community.ricksteves.com/travel-forum/transportation/word-of-caution-about-play-airlines