Another upstart Canadian budget airliner has gone down in flames.On Thursday, Mississauga-based Canada Jetlines filed for creditor protection and cancelled flights, effective immediately. On its website it advised passengers with existing bookings to contact their credit card companies to reverse charges.It comes after the resignation of four executives on Monday, including CEO Brigitte Goersch.The company specialized in domestic flights within Canada and sun destinations in the US, Caribbean and Mexico.It becomes the latest low cost carrier after Alberta-based Lynx and Swoop to close in the past year.Shares in the company were halted late Wednesday..The company was formed in 2012 and held its inaugural flight from Toronto Pearson to Calgary on September 22, 2022 — although most domestic flights were halted in January 2023.In an August 12 press release, the airline said continuing operations were dependent upon its ability to raise adequate financing."The company has historically financed its future requirements through a combination of debt, equity or other facilities. As a result, the company will need to raise additional capital to continue operations,” it said.The airline added that its board of directors and management is "actively working on potential sources of additional capital."But on Wednesday it informed staff in an internal memo that it would cease operations at an undetermined date. Its main destinations were Orlando, FLA, Cancun Mexico and Jamaica.The airline recently announced the launch of a new route connecting Toronto to Miami and had entered into a partnership agreement with Air Arabia Maroc in Casablanca for the summer months. The leisure carrier also operated in Atlantic Canada, with flights from Halifax to Toronto and then linking to Orlando.It comes after Calgary-based Lynx Air ceased operations in February of this year.Critics have complained the Canadian airport management system — where airports are rented from the federal government — results in too many user fees and taxes to a make low cost carriers viable.In 2018, the federal government lifted the foreign ownership ceiling on Canadian airlines to 49% from 25% but they have struggled to find a wider pool of investors.
