on Canada Jetlines Ltd (NASDAQ:CJET.NE)
Canada Jetlines Files Notice of Intention Under the Bankruptcy and Insolvency Act
Toronto, ON - August 20, 2024 - Canada Jetlines Operations Ltd. (Cboe CA:CJET) has filed a Notice of Intention to Make a Proposal under the Bankruptcy and Insolvency Act (Canada). BDO Canada Limited has been appointed as proposal trustee to assist in restructuring efforts. Dentons Canada LLP serves as the Company's legal counsel.
The filing introduces an automatic stay of proceedings that shields the Company and its assets from creditors and enforcement actions. This initial stay period lasts 30 days and can be extended by court order. The outcome of this process remains uncertain.
Concurrently, Cboe Canada has suspended trading of the Company's shares. The suspension will be lifted upon meeting listing requirements, with automatic delisting after 150 days if not resolved.
Contact information is available for investor relations inquiries.
R. E.
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