Pascan Aviation (P6, Montréal MET) has been acquired by two members of its management for an undisclosed amount following a filing for creditor protection under Canada's Companies' Creditors Arrangement Act (CCAA) in September last year.
Le Courrier du Sud reports new owners Chief Financial Officer (CFO), Yani Gagnon, and Chief Operating Officer (COO), Julian Roberts, have since entered into talks with the carrier's creditors and funding institutions over the way forward adding that their business plan as been warmly received.
Given its strong brand recognition, the carrier will continue to operate as Pascan Aviation while continuing to use Montréal MET as a hub.
Founded in 1999, Pascan Aviation offers daily flights to twelve airports in Quebec, New Brunswick, Newfoundland and Labrador. It uses a diverse fleet of two ATR42-300s (currently inactive), three Beech (twin turboprop) King Air 100s, eleven Jetstream 32s, three PC-12s, and one Piper (twin piston) Navajo.
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