Canada Jetlines (AU, Toronto Pearson) has appointed BDO Canada Limited as trustee of the bankrupt estate, the carrier announced, while Dentons Canada LLP will continue as the company's legal counsel. Jetlines' creditors, who are owed a total of CAD11.8 million Canadian dollars (USD8.7 million), are set to have a teleconference meeting on October 1.
“On September 11, 2024, Canada Jetlines Operations Ltd. (CJO) filed an Assignment in Bankruptcy after finding that it would be unable to secure financing to continue with its Proposal under the Bankruptcy and Insolvency Act. BDO Canada Limited is now the Trustee of the bankrupt estate,” BDO Canada Limited said in a separate statement.
The Canadian airline suspended all flights on August 15 ahead of applying for creditor protection after running out of cash and being unable to secure financing. A week later, it made a proposal to appoint BDO as trustee.
The carrier owes money to 225 creditors with claims of at least CAD250 (USD184). The top ten are:
- Future Bookings: CAD1,190,730 (USD876,106)
- Corendon Dutch Airlines BV: CAD900,000 (USD662,171)
- Smart AMS Inc: CAD869,620.64 (USD639,819)
- Pax2Go SL: CAD746,008.18 (USD548,872)
- CAE Civil Aviation Training Solutions, Inc.: CAD638,524.30 (USD469,784)
- DF Steer Inc.: CAD612,928.66 (USD450,952)
- Aviation Capital Group: CAD623,931.68 (USD459,048)
- Square Financial Investments: CAD500,000 (USD367,870)
- FTAI Aviation - AirOpCo 1 Bermuda Ltd: CAD444,330.12 (USD326,911)
- AE Industrial Partners: CAD337,421.07 (USD248,254)
At the time of its announcement, the carrier operated a fleet of four A320-200s leased from Aviation Capital Group, CCB Financial Leasing, FTAI Aviation, and Jackson Square Aviation. These airframes, 2-GCJK (msn 5995), C-GCJL (msn 4175), C-GJLH (msn 3460), and VP-CBF (msn 5661), are currently stored at Lourdes/Tarbes, Kitchener, Maastricht, and Amsterdam Schiphol, respectively, ADS-B data shows.
