TORONTO — The years-long effort to get Canada Jetlines off the ground has taken another turn.

Global Crossing Airlines Inc., which joined forces with Canada Jetlines in June 2020, says it plans to spin-out its 100% owned Canada Jetlines Operations Ltd. subsidiary to an existing shell company and rename it Canada Jetlines Vacations.

CJV will fly vacation charters to Florida, Atlantic City and the Caribbean, with aircraft and crew from the Miami-based Global Crossing Airlines (GlobalX), subject to concluding satisfactory terms, according to the companies.

GlobalX will retain a controlling interest in CJV.

“We believe Canadians seek more alternatives when it comes to airlines and vacation providers,” says Global X Chairman and CEO, Ed Wegel.

Wegel adds: “We believe by creating a stand-alone public company committed to serving the Canadian market represents a unique opportunity and will ultimately bring to fruition the long term vision of our original Canada Jetlines shareholders to provide choice to Canadians when it comes to vacation and air travel.”

Wegel said GlobalX has identified funding sources to complete the proposed transaction, subject to completion of a public listing of Canada Jetlines Vacations and other conditions.

Canada Jetlines announced its partnership with GlobalX in December 2019.

News of the partnership came less than two months after Canada Jetlines announced the resignation of its CEO and layoffs for almost its entire staff in October 2019.

It was also less than a month after Canada Jetlines filed a multimillion-dollar suit against several defendants including airline entrepreneur and WestJet co-founder David Neeleman in November 2019.

The would-be ultra low-cost carrier also made headlines last year when it staged an airborne protest, complete with skydivers and video cameras, to rally Canadians, investors and the Competition Bureau around the idea of increased competition and decreased airfares.

Also in 2019, when launch seemed to be imminent, Canada Jetlines rolled out a “playfully provocative” brand identity.

Canada Jetlines had been aiming to operate flights across Canada and provide nonstop service from Canada to the U.S., Mexico and the Caribbean starting in December 2019.

The ULCC has been trying to get off the ground for several years, since at least 2015.