rotornut
24th Jun 2005, 17:31
globeandmail.com
Jetsgo founder regrets failure to relaunch
Friday, June 24, 2005 Page B12
Jetsgo Corp. founder Michel Leblanc said yesterday he's disappointed he won't be able to relaunch his airline. Jetsgo grounded its fleet of aircraft in March and was forced to declare bankruptcy in May. "It was a tough project to bring to a conclusion," Mr. Leblanc said after a creditors meeting in Montreal. "It took everyone's support and collaboration. It wasn't a file where you could have quarrels, and when we saw that we couldn't get the moral support from some creditors, we had to let it go." Asked if he would try again to start an airline, Mr. Leblanc said: "Somebody told me, 'Never say never.' " Creditors of insolvent Jetsgo could recover only between 11 to 15 per cent of the $271-million they are claiming, provided all the assets of the company are sold and if creditors' claims are valid, bankruptcy trustee RSM Richter Inc. said. CP
Jetsgo founder regrets failure to relaunch
Friday, June 24, 2005 Page B12
Jetsgo Corp. founder Michel Leblanc said yesterday he's disappointed he won't be able to relaunch his airline. Jetsgo grounded its fleet of aircraft in March and was forced to declare bankruptcy in May. "It was a tough project to bring to a conclusion," Mr. Leblanc said after a creditors meeting in Montreal. "It took everyone's support and collaboration. It wasn't a file where you could have quarrels, and when we saw that we couldn't get the moral support from some creditors, we had to let it go." Asked if he would try again to start an airline, Mr. Leblanc said: "Somebody told me, 'Never say never.' " Creditors of insolvent Jetsgo could recover only between 11 to 15 per cent of the $271-million they are claiming, provided all the assets of the company are sold and if creditors' claims are valid, bankruptcy trustee RSM Richter Inc. said. CP