Discovery Air, a specialty aviation services company operating through its subsidiaries across Canada and in select locations internationally, filed for protection under the CCAA on March 21, owing approximately $73.0MM to its largest secured creditor, Clairvest Group, and $14.0MM to CIBC. With over 140 aircrafts, the company is one of the largest air operators in Canada, employing more than 850 flight crew, maintainers and support staff to deliver a variety of air transport, maintenance and logistics solutions to its government, airline and business clients. The principal purpose of the CCAA proceedings is to allow the company to conduct a court-supervised sale process of the equity interest in its wholly-owned operating subsidiaries and residual interest in its former defence business. None of the subsidiaries have filed for CCAA protection, but each has the benefit of a stay of proceedings to prevent creditor actions against them. All of the subsidiaries will continue operating during the proceedings, and obligations to employees and suppliers of goods and services will continue to be met in the ordinary course. Clairvest will be providing up to $12.6MM in DIP financing. KSV Advisory was appointed monitor and will be leading the sale process. Counsel are GSNH for the company, Davies for CIBC, Goodmans for the monitor and Torys for Clairvest.