Canadian Jetlines is the latest Canadian airline failure. The company was unable to find additional investors and was force to suspend all operations on August 15.
Canadian Jetlines announced:
“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.”
Previously on August 12 the company made this announcement:
Canada Jetlines Operations Ltd. announced on August 12 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.
Canada Jetlines was created as a value-focused leisure airline, with the aim of providing travellers with more options to fly conveniently within Canada and to preferred sun-destinations.
Jetlines aircraft photo gallery:
Volume 7 of the Great Airlines series of books is available on Amazon:
