Tuesday, September 16, 2025

Canada Jetlines Makes Filing Under Bankruptcy And Insolvency Act

Just days after ordering a halt to its operations, Canada Jetlines (CBOE: CJET) has announced that it has made a filing under the Bankruptcy and Insolvency Act in Canada.

The formal filing, referred to as a Notice of Intention to Make a Proposal, saw the appointment of BDO Canada as a proposal trustee, whom is expected to assist in the restructuring of the company. In connection with the filing, a stay of proceedings has been imposed on the company, which protects it from claims and enforcement proceedings by creditors.

The initial stay period is for 30 days.

The filing under the Bankruptcy and Insolvency Act follows the company last week seeing the departure of a number of directors and executives, including CEO Brigitte Goersch. At the time of their departure, no formal reason for the exits was provided, however the company indicated that it had failed to secure further financing to support the operations.

READ: Sudden Shutdown: What Canada Jetlines’ Demise Reveals About the Airline Industry

Two days later, the company formally halted operations, suggesting those that had purchased tickets for upcoming flights should make arrangements with their credit card providers to obtain a refund.

Trading in company’s common shares has been halted by the CBOE as a result of the filing.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

New Found Gold: The Strategic Maritime Resources Purchase

Amex Exploration: Revised Perron PEA Has INSANE Economics

Aris Mining: The Multi Billion Dollar Soto Norte PFS

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Canada Jetlines Shuts Down After Struggles to Stay Afloat 

Canada Jetlines Operations Ltd. (Cboe CA: CJET), a Mississauga-based airline that launched operations in 2022,...

Thursday, September 12, 2024, 02:34:00 PM

Canada Jetlines Sees BCSC Allege Insider Trading, Failure To Disclose Material Information

It appears that ahead of listing on the Neo Exchange tomorrow, Canada Jetlines (NEO: CJET)...

Tuesday, October 12, 2021, 03:37:00 PM

Canada Jetlines: A Desire to Succeed

Lets talk ultra low cost carriers. Specifically, Canada Jetlines Ltd (TSXV: JET, JET.WT, JET.WT.A). Lets...

Tuesday, March 13, 2018, 07:00:39 AM

Canada Jetlines Schedules First Flights For September 2022

Canada Jetlines (NEO: CJET) is finally nearing its inaugural first flight as the newest Canadian...

Friday, August 26, 2022, 08:41:37 AM

Canada Jetlines To Begin Trading On The Neo Tomorrow

Canada Jetlines, whom was previously a subsidiary of Global Crossing (TSXV: JET), this morning announced...

Tuesday, October 12, 2021, 09:08:24 AM