Canada Jetlines Operations Ltd. (NEO:CJET), a Mississauga, Ontario-headquartered commercial airline carrier, filed an NOI on August 15, listing approximately $50.3 million in assets and $54.9 million in liabilities.

The airline, which serves Canadians flying within Canada or to the US, Caribbean and Mexico, formally launched in 2022 and initially marketed itself as an ultra low cost carrier. However, it shifted its strategy to become a leisure airline, providing charter flights to sports teams and others.

The company stated that it was unable to obtain financing despite pursuing all available alternatives, and that the NOI filing was precipitated by rising costs and lower than expected sales. A few days before the filing, four executives including the company’s CEO resigned.

BDO is the proposal trustee.