It's pretty complicated but it is true that TCX put Skyservice into receivership (our version of administration).
http://cfcanada.fticonsulting.com/sk...t%20Report.pdf gives the details.
It would appear from this court document that
1) SSV were doomed from the moment that TUI acquired Sunwing and decided to transfer the flying to SWG. (Point 16 in the report)
2) Thomas Cook Canada Inc (TCCI) took over the SSV some of the SSV debts in Feb 2010. It is not stated how much they paid for the debt. It is a guess on my part but I suspect they were propping up SSV until the end of the peak winter flying program to avoid disruption to the TCCI flying program (point 15 and point 27 in the report)
3) TCCI acted when the 94% owners, Gibralt (a Private equity company) issued a demand for payment on their secured debt and received CAD8.8 Million from SSV. TCCI then issued a demand for payment on their secured debt and received nothing. (Point 18 and 19 in the report)
4) TCCI knew they were going to pull the plug, TUI did not (point 23 on the report)
5) TCCI has the SSV headquarters and the SSV hangers at YYZ as security for their debt. (Point 28b on the report)
It would be interesting to have been a fly on the wall during the discussions around my point 3) did TCCI know that Gibralt was going to run away with CAD 8.8 Million or was this agreed in advance.
TCCI are left with a secured debt on the SSV headquarters and hangers at YYZ.
TCCI have a need to find a provider of lift for the peak W2010/11 season.
SWG are owned by TUI, TSC are owned by Transat, there are no other serious players in the Canadian charter market
My guess would be that TCCI will use the summer to form a new Canadian charter company.