TORONTO, ON / ACCESSWIRE / September 11, 2024 / Canada Jetlines Operations Ltd. (Cboe CA:CJET) (“Canada Jetlines” or the “Company“) announced today that it has made a voluntary assignment in bankruptcy for the benefit of its creditors pursuant to section 49 of the Bankruptcy and Insolvency Act (Canada) (“BIA“). BDO Canada Limited will continue its appointment and act as Licensed Insolvency Trustee and realize on the Company’s assets in accordance with the BIA. Dentons Canada LLP is legal counsel to the Company.
A notice of the bankruptcy and particulars of the first meeting of creditors will be sent to creditors by mail in the coming days.
TORONTO, ON / ACCESSWIRE / August 20, 2024 / Canada Jetlines Operations Ltd. (Cboe CA:CJET) (“Canada Jetlines” or the “Company“) announced that it has filed a Notice of Intention to Make a Proposal (the “Notice of Intention“) pursuant to the Bankruptcy and Insolvency Act (Canada) (“BIA“). Pursuant to the Notice of Intention, BDO Canada Limited has been appointed as proposal trustee on behalf of the Company and will assist the Company in its restructuring efforts. Dentons Canada LLP is legal counsel to the Company.
A Notice of Intention is the first stage of a restructuring process under the BIA, which permits the Company to pursue a restructuring of its affairs. The filing of the Notice of Intention has the effect of imposing an automatic stay of proceedings (“Stay“) that will protect the Company and its assets from claims and enforcement proceedings of creditors and contractual counterparties. During the Stay, subject to certain exceptions as set out in the BIA, no creditor has any remedy against the Company or its property and no person may terminate or amend any agreement, including a security agreement, or claim an accelerated payment, or a forfeiture of the term, under any agreement, including a security agreement, by reason only that the Company is insolvent or that the Notice of Intention has been filed. The initial Stay period is 30 days and may be extended by court order. There can be no assurance that the current process will result in a transaction or, if a transaction is undertaken, that it will be successfully concluded in a timely manner, or at all.
Due to the above-mentioned filing of the Notice of Intention, Cboe Canada (“Cboe“) has suspended the trading of the Company’s common and variable voting shares (the “Shares“) until such a time as the Company is in compliance with the Cboe continued listing requirements. There is no certainty as to timing or likelihood that the Shares will recommence trading on the Cboe, and if within 150 days of the suspension date the suspension has not been lifted, the securities of the Company will be automatically delisted without further notice.
TORONTO, ON / ACCESSWIRE / August 15, 2024 / Canada Jetlines Operations Ltd. (Cboe CA:CJET) (“Canada Jetlines” or the “Company“) announced today that it will be temporarily ceasing airline operations effective August 15, 2024.
The continuing operations of the Company have been dependent upon the Company’s ability to raise adequate financing and to grow the airline to the point where it can commence profitable operations. The Company has historically financed its future requirements through a combination of debt, equity or other facilities. The Company, overseen by an independent Board committee and advised by external advisors, 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.
Every effort is being made to assist passengers at this time. Passengers with existing bookings are advised to contact their credit card company to secure refunds for pre-booked travel.
TORONTO, ON / ACCESSWIRE / August 12, 2024 / Canada Jetlines Operations Ltd. (Cboe CA:CJET) (“Canada Jetlines” or the “Company“) announced today that Ms. Brigitte Goersch, Mr. Ryan Goepel, Ms. Beth Horowitz and Mr. Shawn Klerer have resigned. Ms. Brigitte Goersch has also resigned as Chief Executive Officer.
The continuing operations of the Company have been dependent upon the Company’s ability to raise adequate financing and to grow the airline to the point where it can commence profitable operations. The Company has historically financed its future requirements through a combination of debt, equity or other facilities. As a result, the Company will need to raise additional capital to continue operations. The Company’s board of directors and management is actively working on potential sources of additional capital. Additional details will be provided once available. At this time the airline is continuing operations.
TORONTO, ON / ACCESSWIRE / May 31, 2024 / Canada Jetlines Operations Ltd. (Cboe CA:CJET) (“Canada Jetlines” or the “Company”), a leisure carrier which also offers charter and ACMI (Aircraft Crew Maintenance Insurance) services, announced today that Eddy Doyle, the Company’s current CEO, will retire as of June 30, 2024 after serving in the role since 2021.
The Board of Directors has initiated a CEO recruitment search to identify an experienced leader to succeed Mr. Doyle and guide the airline on a path of continued growth. During the search period, Ms. Brigitte Goersch, the current Chair of the Board, will also assume the role as Chief Executive Officer.
“After leading the Company through licensing, start-up and growth of its aircraft fleet, Eddy has notified the board of his intention to retire,” said Brigitte Goersch, Chair of Board of Directors. “I have been active with management in my position as Chair and I will assume the role as Chief Executive Officer to assure a smooth transition and continue to grow revenue as we recruit Eddy’s successor. It has been a great pleasure to work with Eddy over the last few years and I thank him for his dedication and contribution to Canada Jetlines.”
Eddy Doyle added: “It has been a great honour and opportunity to build Canada Jetlines from the ground up. I have been contemplating retirement for some time and now that the Company is set up with great ACMI contracts that will have Jetlines flying five aircraft for the coming months, I thought the timing was right for Jetlines and myself to finally retire.”
Ms. Goersch is the President of Lionheart Enterprises and acts as an aviation industry advisor to a multi-billion EUR global investment organization. During a 14 year period, Ms. Goersch was the Deputy Executive Director, Greater Orlando Aviation Authority – a top 10 US airport. Earlier in her career, Ms. Goersch served as a Pilot and Lieutenant Colonel in the U.S. Air Force and as an Aviation Safety Inspector for the Federal Aviation Administration. Ms. Goersch has been a Board member of the Florida Board of Medicine, Florida Board of Pharmacy and National Safe Skies Alliance.
About Canada Jetlines
Canada Jetlines Operations Ltd. (Cboe CA: CJET), trading as “Canada Jetlines,” is a Canadian leisure airline, which also offers charter and ACMI services, committed to providing an exciting travel experience to its passengers. With a growing network of destinations, Canada Jetlines is dedicated to connecting Canadians with some of the world’s most captivating and sought-after locations.
TORONTO, ON, April 1, 2024 – Canada Jetlines Operations Ltd. (Cboe CA: CJET) (“Canada Jetlines” or the “Company”), a prominent leisure airline in Canada, announced today the launch of a new route connecting Toronto, Ontario to Miami, Florida. Beginning June 29, 2024, travelers can experience the convenience of flying between the two cities.
In time for summer vacation planning, introductory pricing is now available, starting from $179* for one-way fares from Toronto. With Miami being a popular destination for leisure and cruise travelers, the addition of this route further enhances the airline’s offering and strengthens its position in the Canadian aviation market.
Eddy Doyle, CEO of Canda Jetlines, expressed his enthusiasm for the new route, stating, “We are thrilled to introduce direct flights from Toronto to Miami, offering our customers greater options when planning their travels.” The new route schedule is as follows: • Toronto (YYZ) to Miami (MIA) – 1x weekly, starting June 29, 2024 • Miami (MIA) to Toronto (YYZ) – 1x weekly, starting June 29, 2024
Additionally, travelers can now benefit from the ease and savings of booking a Jetlines Vacations summer escape package in Orlando and central Florida departing from Halifax or Toronto. This strategic expansion aligns with Canada Jetlines’ commitment to providing diverse travel options and fostering strong connections between people and destinations.
*The mentioned fares are subject to availability, and terms and conditions apply. Please refer to www.jetlines.com for further details.
About Canada Jetlines
Canada Jetlines Operations Ltd. (Cboe CA: CJET), trading as “Canada Jetlines,” is a Canadian leisure airline committed to providing an exciting travel experience to its passengers. With a growing network of destinations, Canada Jetlines is dedicated to connecting Canadians with some of the world’s most captivating and sought-after locations.
TORONTO, ON, April 5, 2024 – Canada Jetlines Operations Ltd. (Cboe CA: CJET) (“Canada Jetlines” or the “Company”), a prominent leisure airline in Canada, announced today that Mr. Brad Warren, Chief Operating Officer (COO), at Canada Jetlines will be leaving the Company at the end of April 2024 to pursue another opportunity in the industry. Brad joined Canada Jetlines in April 2021 as Vice-President of Maintenance and was promoted to Chief Operating Officer in the summer of 2022.
“Brad has been instrumental in helping us build this Company from the time of signing the first aircraft to what will soon be six aircraft in operations and help Canada Jetlines achieve the operational strength and reliability it enjoys today. It has been a great pleasure to work with Brad over the last few years and I thank him for his dedication and extensive contribution to Canada Jetlines. I know he will continue to have a successful career in the industry,” said Eddy Doyle CEO & President at Canada Jetlines.
In his time as COO, Brad assembled a high performing team of experienced individuals in maintenance, airport and flight operations that will ensure the continuous operational success of the Company.
About Canada Jetlines
Canada Jetlines Operations Ltd. (Cboe CA: CJET), trading as “Canada Jetlines,” is a Canadian leisure airline committed to providing an exciting travel experience to its passengers. With a growing network of destinations, Canada Jetlines is dedicated to connecting Canadians with some of the world’s most captivating and sought-after locations.
TORONTO, ON, March 26, 2024 – Canada Jetlines Operations Ltd. (Cboe CA: CJET) (“Canada Jetlines” or the “Company”),
Under the terms of the agreement, two of Canada Jetlines’ A320 aircraft will operate flights between Western European destinations and Morocco. The lease duration spans three months, commencing mid-June through to mid-September 2024.
Eddy Doyle, CEO of Canada Jetlines, highlighted the significance of the agreement, stating, “Our partnership with Air Arabia Moroc marks a strategic step forward in our business plan of providing Wetlease/ACMI services for reputable partners. By leveraging this agreement, we are not only maximizing the utilization of our aircraft during the busy summer months in Europe but also solidifying our position as a premier provider of tailored aviation solutions. This agreement underscores the sustainable growth plan for Canada Jetlines.”
The aircraft will return to service in key North America markets for the fall/winter leisure season.
About Canada Jetlines
Canada Jetlines Operations Ltd. (Cboe CA: CJET), trading as “Canada Jetlines,” is a Canadian leisure airline committed to providing an exciting travel experience to its passengers. With a growing network of destinations, Canada Jetlines is dedicated to connecting Canadians with some of the world’s most captivating and sought-after locations.
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Aviation Capital Group LLC (“ACG”), a premier global full-service aircraft asset manager, announced the delivery of one Airbus A320-200 on long-term lease to Canada Jetlines Operations Ltd. (“Canada Jetlines”).
“ACG is proud to broaden its footprint in North America and is pleased to welcome Canada Jetlines as a new lessee,” said Alan Mangels, Vice President of Marketing for ACG. “We look forward to this new, long-term partnership.”
“Canada Jetlines is delighted to join forces with ACG as we continue to strengthen our fleet and expand our reach,” said Eddy Doyle, CEO of Canada Jetlines. “This partnership exemplifies our dedication to working with industry leaders.”
ACG specializes in commercial aircraft leasing and aviation finance. In addition to aircraft leasing services, ACG provides aircraft asset management solutions tailored to meet our customers’ fleet management needs. To learn more about the aircraft leasing and aircraft management services offered by ACG, visit www.aviationcapitalgroup.com.
About Aviation Capital Group
Aviation Capital Group is one of the world’s premier full-service aircraft asset managers with approximately 490 owned, managed and committed aircraft as of December 31, 2023, leased to roughly 90 airlines in approximately 45 countries. It specializes in commercial aircraft leasing and provides certain aircraft asset management services and aircraft financing solutions for third parties. It was founded in 1989 and is a wholly owned subsidiary of Tokyo Century Corporation. For more information, visit www.aviationcapitalgroup.com.
About Canada Jetlines
Canada Jetlines Operations Ltd. (Cboe CA: CJET), trading as “Canada Jetlines,” is a Canadian leisure airline committed to providing an exciting travel experience to its passengers. With a growing network of destinations, Canada Jetlines is dedicated to connecting Canadians with some of the world’s most captivating and sought-after locations.
TORONTO, ON, March 4, 2024 – Canada Jetlines Operations Ltd. (Cboe CA: CJET) (“Canada Jetlines” or the “Company”) announced a strategic wet lease agreement with a prominent European carrier. The agreement underscores the surging global demand for A320 aircraft.
Set to begin with one aircraft in late April 2024 for a period of 6 months and with a second aircraft in late June for a period of 3 months, the collaboration reflects Canada Jetlines operational ability in maximizing fleet utilization by deploying its aircraft and crew to Europe in the summer.
Eddy Doyle, Jetlines CEO, stated, “In January, we announced the expansion of our fleet to 6 aircraft. The utilization of these planes is widely needed in Europe during their busy season. The two planes will return to Canada for our busy fall/winter travel period to leisure destinations. This partnership underscores our commitment to maximizing efficiency and meeting the seasonal demands of our customers.”
Canada Jetlines summer schedule includes the following destinations:
Toronto (YYZ) to Halifax (YHZ)
Halifax (YHZ) to Orlando (MCO)
Toronto (YYZ) to Orlando (MCO)
Toronto (YYZ) to Montego Bay (MBJ)
Toronto (YYZ) to Cancun (CUN)
About Canada Jetlines
Canada Jetlines Operations Ltd., trading as “Canada Jetlines,” is a Canadian leisure airline committed to providing an exciting travel experience to its passengers. With a growing network of destinations, Canada Jetlines is dedicated to connecting Canadians with some of the world’s most captivating and sought-after locations.
