Canada Jetlines postpones launch after financing fail
Canada Jetlines Ltd, a Vancouver-based ultra-low-cost carrier airline, is postponing its planned December launch after failing to secure financing from its investment partners SmartLynx and InHarv Partners, a South Korean venture capital and private equity firm. SmartLynx had originally committed $40 million in financing to Jetlines while InHarv had previously agreed to provide up to $14 million in financing. A relaunch date will not be announced until funding is secured. Also, as a result of the launch postponement, Jetlines is laying off most of its employees except for a core team led by the executive chairman who will continue to try to secure financing.
29 October 2019•4 mins read
