Jetlines (CJL, Vancouver Int'l) has confirmed it has postponed its proposed launch date until the end of the year citing the ongoing finalisation of funding requirements.

The start-up carrier had earlier planned to start revenue services during the first half of 2019 using a pair of A320-200s, msn 2594 and 2663, on lease from AerCap. The ex-Air New Zealand jets were to have delivered in March and April in time for Jetlines to complete its certification and launch during the current semester. As of October 1, 2018, Jetlines financials show it had paid AerCap CAD2.19 million (USD1.64 million) in security deposits for the aircraft.

However, in a statement issued on April 4, Jetlines said given the current status of its fundraising initiatives, it had decided to delay its launch until December 17, 2019.

According to its last set of publicly available financial statements, as at September 30, 2018, Jetlines had working capital of CAD2,454,301 (USD‪1,838,221‬) against a deficit of CAD17,019,076 (USD‪12,746,939‬). At the time, it stated that it did not have sufficient funds to meet domestic licensing financial capability requirements, complete the build-out of the airline, and fulfil its aircraft acquisition commitments. Jetlines had previously indicated that it would require around CAD50 million (USD37.45 million) to complete all formalities, secure its AOC and launch.

Since then, the nascent carrier has inked a partnership/equity purchase deal with SmartLynx Airlines (6Y, Riga) in which the Latvian ACMI/charter specialist will provide the Canadians with capital (a minimum of CAD7.5 million (USD5.62 million)), cost efficiencies and support during the start-up period. It also pledged to wet-lease two A320-200s to Jetlines for at least nine winter seasons starting in November this year. Jetlines has also recently partnered a Korean special purpose fund, led and established by InHarv Partners Ltd., for the provision of between CAD7-14 million (USD5.24-10.48 million) in capital.

"In addition to our financing announcements with SmartLynx and InHarv, the Company continues to work with other groups in an effort to secure the rest of the capital required for our start-up,” Executive Chairman, Mark Morabito said.

With the SmartLynx A320 leasing facility available and the substantial cost-savings that it would bring, Jetlines said it had reached a mutual agreement with AerCap to terminate the two existing A320 leases. As with the AerCap jets, the two SmartLynx A320-200s will feature 180 seats.