Canada Jetlines Ltd. says it plans to file for creditor protection and will temporarily halt operations starting today.
The airline says it has been unable to find the financing needed to keep flying.
This is a breaking news alert. More coming. Earlier story below:
The head of Canada Jetlines Ltd. and three other executives are stepping down from the company amid serious financial problems that put its future in doubt.
The airline says it will need to raise more capital to continue operations.
Shares of the company on the NEO Exchange have been halted pending news.
The airline, which has struggled to get more than a few planes off the ground since its launch in 2022, now faces questions about its ability to operate.
A shutdown would mark yet another airline departure from Canadian skies after the closure of Lynx Air and budget carrier Swoop within the past year.
Canada Jetlines says Brigitte Goersch resigned as CEO and executives Ryan Goepel, Beth Horowitz and Shawn Klerer have also stepped down.