TORONTO - After days of struggling to find a
way to get its planes back in the air, Canada's second-largest airline rolled to a dead stop Sunday as it was placed in bankruptcy.
Canada 3000 issued a news release late in the
day confirming that its board of directors, president and other corporate officers had
resigned – a common move before bankruptcy because it reduces the liability of individual executives.
An Ontario Superior Court judge has appointed Deloitte & Touche Inc. as "Trustee in bankruptcy" to supervise sale of the airline's assets.