Canada Jetlines Makes Voluntary Assignment into Bankruptcy Under the Bankruptcy and Insolvency Act (Canada)

Rhea-AI Summary

Canada Jetlines Operations (Cboe CA:CJET) has announced its voluntary assignment into bankruptcy under the Bankruptcy and Insolvency Act (Canada). The company has appointed BDO Canada as the Licensed Insolvency Trustee to manage the realization of the company's assets. Dentons Canada LLP is serving as legal counsel to Canada Jetlines.

Creditors will receive a notice of bankruptcy and details about the first meeting of creditors by mail in the coming days. This development marks a significant turn of events for the Canadian airline, potentially impacting its operations, employees, and stakeholders.

Positive

• None.

Negative

• Voluntary assignment into bankruptcy
• Potential loss of value for shareholders
• Likely cessation of normal business operations
• Possible job losses for employees
• Uncertain future for the company's assets

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.

Contact:
Percy Gyara
investor.relations@jetlines.ca
416.518.8314

SOURCE: Canada Jetlines Ltd

View the original press release on accesswire.com

FAQ

What is the current status of Canada Jetlines (CAJTF)?

Canada Jetlines (CAJTF) has made a voluntary assignment into bankruptcy under the Bankruptcy and Insolvency Act (Canada) as of September 11, 2024.

Who has been appointed as the Licensed Insolvency Trustee for Canada Jetlines (CAJTF)?

BDO Canada has been appointed as the Licensed Insolvency Trustee for Canada Jetlines (CAJTF) to manage the realization of the company's assets.

What will happen to Canada Jetlines (CAJTF) creditors?

Creditors of Canada Jetlines (CAJTF) will receive a notice of bankruptcy and details about the first meeting of creditors by mail in the coming days.

Who is providing legal counsel to Canada Jetlines (CAJTF) during the bankruptcy process?

Dentons Canada LLP is serving as legal counsel to Canada Jetlines (CAJTF) during the bankruptcy process.