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Canada Jetlines says it needs more money

Canada Jetlines says it needs more money

Monday, September 30, 2019

VANCOUVER — Everything’s ready for launch, says Canada Jetlines. The would-be ultra low-cost carrier says it just needs more money.

Jetlines says it has made significant advancements towards launching commercial airline operations, including commercial agreements with concluded with airports, suppliers, service providers and other stakeholders.

The company has also made progress in the licensing process through the submission of operations manuals and licensing documents to Transport Canada and the Canadian Transportation Agency.

“However, the completion of the financing required to launch airline operations remains critical to Jetlines continued advancement and launch,” says Jetlines.

“With regards to financing efforts, Jetlines is currently discussing the opportunity with a number of institutions whose investments would be sufficient to launch operations.”

Jetlines says its partners, SmartLynx Airlines SIA and InHarv ULCC Growth Fund, “remain committed to seeing Jetlines through the financing process”.

The company adds: “Jetlines’ intent is to convert investor interest into financing commitments, but it cannot provide any assurances that this will occur.”

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Back in April 2019 Canada Jetlines said its launch date for commercial service would be Dec. 17, 2019. Talk of a launch has gone on for several years. In 2017 Jetlines was touting June 2018 the launch date. Those plans folded with a March 2018 announcement. There was also talk of a summer 2019 launch.

This latest update comes less than a month after the company said “the ULCC market opportunity has never been greater”, with proposed consolidations resulting from a surge in mergers and acquisitions activity in the Canadian airline industry, no doubt referring to Air Canada’s potential acquisition of Transat, and Onex’s WestJet buy.

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