Canada Jetlines grounds flights, halts operations amid financial struggle
Global News
The discount airline said Thursday it has been unable to find the capital needed to keep flying and plans to file for creditor protection.
Canada Jetlines has grounded all flights, temporarily ceasing operations amid a financial crisis at the carrier.
The airline said Thursday it has been unable to find the capital needed to keep flying and plans to file for creditor protection.
“The company … pursued all available financing alternatives including strategic transactions and equity and debt financings. Unfortunately despite these efforts, the company has been unable to obtain the financing required to continue operations at this time,” said spokeswoman Erica Dymond in a release.
Passengers with existing bookings should contact their credit card company to secure refunds, the company said.
The shutdown follows the resignation of four board members on Monday, including chairwoman and CEO Brigitte Goersch.
It marks yet another airline departure from Canadian skies after the closure of Lynx Air and budget carrier Swoop within the past year as concerns about domestic competition persist.
Until Thursday, the company was flying a few dozen flights per month from Toronto to Miami and Orlando, Fla., and Cancun, Mexico, according to aviation tracking firm Cirium.
Shares of the company on the NEO Exchange were halted late Wednesday afternoon.
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