(Toronto) Canada Jetlines has announced that it plans to seek protection from its creditors and will temporarily cease operations effective today.
The airline says it has been unable to find the funding needed to continue flying.
On Monday, the president and CEO of Canada Jetlines and three other executives announced they were resigning due to serious financial problems that put the company’s future in doubt.
Canada Jetlines said Brigitte Goersch has resigned as president and CEO, and executives Ryan Goepel, Beth Horowitz and Shawn Klerer have also left.
The airline has struggled to get many planes off the ground since launching in 2022. A shutdown would mark another failure for a Canadian airline after the closures of Lynx Air and low-cost carrier Swoop in the past year.
The company says passengers with flight reservations should contact their credit card company for a refund. The company’s stock has been suspended from trading on Cboe Canada pending further developments.