Pascan Aviation files for creditor protection
Regional airline Pascan Aviation has filed for creditor protection but said it will honour reservations and tickets as it restructures its business in parts of Quebec and Atlantic Canada.
September 4, 2015 By The Canadian Press
It said two government agencies are providing a total of $1 million in financial support while Pascan operates under the Companies’ Creditors Arrangement Act.
Pascan provides service with several small turboprop aircraft to airports in Quebec, Ottawa, New Brunswick as well as Newfoundland and Labrador.
Two of Pascan’s creditors, Business Development Bank of Canada and Investissement Québec, will provide interim financing as the company works to resolve creditor claims.
Quebec Superior Court has ordered a stay of claims to at least Sept. 29.