Canada Jetlines, a Mississauga-based airline, announced on Thursday that it has suspended all flights and ceased operations due to severe financial difficulties. The airline, which began its inaugural flights in September 2022, struggled to secure the necessary funding to continue its services.
In a statement, the company acknowledged its inability to obtain the required financial backing to stay afloat. “Canada Jetlines has traditionally met its future financial needs through a combination of debt, equity, or other financing facilities,” said Erica Dymond, the company’s spokesperson. However, despite exploring all possible avenues, including strategic transactions, equity financing, and debt options, the airline was unable to secure sufficient funds.
The situation deteriorated further on Monday when four of Canada Jetlines’ top executives, including CEO Brigitte Goersch, resigned from their positions. This leadership vacuum, coupled with financial challenges, has left the airline with no choice but to shut down operations.
Canada Jetlines’ closure follows the recent shutdowns of two other Canadian airlines, Lynx Air and Swoop, indicating a broader trend of difficulties within the country’s aviation sector.
