Jetsgo ceases operations
 

http://www.cnw.ca/en/releases/archiv.../11/c3606.html


After Nationair, Royal.....

All my thoughts to everyone who worked there.
:(

If ever you are a cabin crew, this is in another forum where it gives you infos to apply for a job :

http://www.flightattendants.org/ubbt...74/#Post102223

My sympathies for the employees of Jetsgo.

Hey CGTSN if the grouping of Royal and Nationair in the same line is meant to imply Michel Leblanc operations, you should substitute Intair for Nationair. Nationair was in fact a Robert Obadia operation...

Cheers


JD

Canadian low-cost carrier Jetsgo is ceasing operations with immediate effect and will be filing for court protection from creditors.

“Given difficult market conditions resulting from competitive pressures in the Canadian airline industry, Jetsgo has determined that, in the circumstances, it is prudent and responsible to discontinue its operations and ground all of its planes,” the Montreal-based company says in a statement.

“Passengers are advised to make alternative travel arrangements prior to going to the airport as there will be no Jetsgo staff or aircraft available. Travellers seeking to return to their point of origin must make alternative arrangements with other airlines or with their travel agent or tour operator.”

The company, which employs 1,350 people, says it will be asking the Quebec Superior Court to grant it protection under Canada’s Companies’ Creditors Arrangement Act, which “will allow Jetsgo to consider all options available to reorganise its affairs”.

President Michel Leblanc says: “We deeply regret that this had to happen. The decision to cease operations was only taken after difficult deliberation. We are very concerned about our customers and the significant hardship that this action causes. In the meantime, we encourage our passengers to contact their travel agent or an alternative airline.”

Leblanc, a former head of Royal Aviation, launched Jetsgo in 2002 and it expanded rapidly in its nearly three years of operations. Its fleet includes more than 30 Boeing MD-82/83s and Fokker 100s, according to Avsoft’s ACAS database, which were operating to 20 Canadian and 10 US destinations.

WHAT! Is this for real?

Very true, watch the news.

Sad for staff and currently stranded pax.

Westjet shares up $4.00 this morning...AC up $3.00.

Firstly, I pass on my most sincere condolances to thehard working staff of Jetsgo and my post is not aimed at your misfortune but those in power.

BUT.... Good riddence to bad rubbish. This poorly run, potentially dangerous airline was an accident waiting to happen. Recent altitude capping due to potentially dangerous operations only highlights the cover up that could have caused more than terrible job losses. Fuel and runway fees are high I agree, but so are safety concerns.

I hope all those poor folks who wake up in uncertain times find an open door to further their careers and in future weeks they discover today to be the start of something HUGE with a better and safer employer.

My thoughts are with you all.

I wish I knew about this yesterday I would have brought WestJet Stocks went up 4 bucks this morning.

Here here fidgell

This has been looming for some time I fear

Bad news for the staff though

the number of shares traded took a steep upturn (3 million) just shortly to the Jetsco fiasco..........the days prior don't show any trends.........did you buy a few mike white????
http://ca.moneycentral.msn.com/inves...0&D7=&D6=&D3=0

I bet that Leblanc bought West Jet and AC shares because HIM he knew that those shares were going to go up

Again Leblanc is getting richer and all the employes are getting poorer
Sorry for them

that was my suspicion also, looking at the graphs, there was a considerable purchase of the shares just prior to the Jetsgo collapse. 3 million shares would have yielded nearly 17 million dollars over the 24 hour period, not a bad kickback for a guy who screwed everyone over

Hey... maybe he can have Martha Stewart's cell, I hear it's available now;)

FYO I heard on CFTR to-day that the OSC is going to take a close look at these West Jet share transactions. More to come as the Globe & Mail will probably have something on it tomorrow.

I Can't believe this guy keeps getting away with this!!!! He is far worse than Ebers and the boys at Enron! If this was the US he would be in jail after the demise of C3

Globe and Mail, Wednesday, March 16:

Last Wednesday, WestJet's trading volume hit nearly three million shares and another million shares traded hands last Thursday.

The jump in trading, higher than recent average daily volume of 573,000 shares, caught the eye of Market Regulation Services, the independent regulator of Canadian equities trading. Regulator spokesman Doug Maybee said that, as part of a standard review, trading in WestJet will be examined for the two days prior to Jetsgo's filing for bankruptcy protection last Friday.

"We look at all trading leading up to announcements such as this to ensure that all trading was done in accordance with the rules," he said.

http://www.theglobeandmail.com/servl.../?query=jetsgo

I'm really kicking myself now...I should have borrowed $100,000 and bought stock when Jetsgo lost their RVSM...I would have made a cool $35,000!! Oh, well, I guess it helps to know EXACTLY when the company will fold :yuk:

Don't we all. And if you had bought Research in Motion yesterday, you would have made 15% if you sold it this morning. That's the stock market for you.

What are the chances of resurrecting SG with new management and a more realistic network on the F100 fleet only (since it's owned) and returning the 83s to lessors?

Or has the F100 market rebounded enough to make sale and liquidation to realise capital gain the more likely outcome?

I'd like to see a low-cost carrier but aligned to either oneworld or skyteam as either franchise or full member. Aer Lingus shorthaul has essentially become such a carrier but starting from high cost. AC still has essentially a monopoly on this kind of flying, and who is to say when open skies arrives it might dissuade a Delta Connection type service when it already exists as a Canadian owned operation.