on Canada Jetlines Ltd (NASDAQ:CJET.NE)
Canada Jetlines Announces Temporary Suspension of Operations
Canada Jetlines Operations Ltd. (Cboe CA:CJET) has declared a temporary cessation of airline operations starting August 15, 2024. The company has struggled to secure the necessary financing to sustain and grow its airline services.
The Board, working with external advisors, explored all financing alternatives, including strategic transactions and debt and equity financings. Despite these efforts, they were unsuccessful in obtaining the required funds to continue operations.
Passengers with existing bookings are advised to contact their credit card companies for refunds. The company plans to file for creditor protection, with further details to follow.
R. P.
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