Jetsgo Corporation (“Jetsgo”) was a Canadian low-cost carrier based in Montreal.
Jetsgo was a charter and scheduled operator with approximately 1,400 employees and a fleet of 14 leased MD-83s and 17 owned Fokker 100s.
Due to mounting losses and pressure from Nav Canada, Greater Toronto Airports Authority and other creditors, Jetsgo sought protection under the CCAA and subsequently made an assignment in bankruptcy.
Our firm was appointed as the CCAA monitor in Jetsgo’s restructuring proceedings. Due to a lack of support from creditors, Jetsgo declared bankruptcy and KSV was appointed as the Licensed Insolvency Trustee.
Our role consisted of, among other things, realizing upon the assets, including aircraft, spare parts and other assets, such as accounts receivable. In addition, we were involved in litigation with various creditors to establish their claims.
During the course of the mandate, we dealt extensively with Nav Canada and airport authorities, as well as other stakeholders common to airline insolvencies. We were also extensively involved with aircraft maintenance issues throughout the course of the proceedings.