JetsGo crashes

By Canadian Newswire Agency
March 11, 2005
MONTREAL (CNW) -- Jetsgo Corporation announced today that it is ceasing all operations effective immediately.

Passengers are advised to make alternative travel arrangements prior to going to the airport as there will be no Jetsgo staff or aircraft available.
Travellers seeking to return to their point of origin must make alternative arrangements with other airlines or with their travel agent or tour operator.

Jetsgo will be asking that the Quebec Superior Court immediately grant it protection under the Companies' Creditors Arrangement Act. Court protection will allow Jetsgo to consider all options available to reorganize its affairs.

Given difficult market conditions resulting from competitive pressures in the Canadian airline industry, Jetsgo has determined that, in the circumstances, it is prudent and responsible to discontinue its operations and ground all of its planes.

Michel Leblanc, President of Jetsgo, said: "We deeply regret that this had to happen. The decision to cease operations was only taken after difficult deliberation. We are very concerned about our customers and the significant hardship that this action causes. In the meantime, we encourage our passengers to contact their travel agent or an alternative airline."

Jetsgo intends to keep its stakeholders, including its employees and customers, informed of the development of its restructuring process.
Information and Court filed documents regarding the CCAA proceedings will be available on Jetsgo's website at www.jetsgo.net as well as on RSM Richter Inc.'s website at www.rsmrichter.com and will regularly be updated.

“The decision to cease operations was only taken after difficult deliberation. We are very concerned about our customers and the significant hardship that this action causes. In the meantime, we encourage our passengers to contact their travel agent or an alternative airline.”
Information may also be obtained by communicating with RSM Richter Inc. by telephone at 1-800-246-1125.

No arrangements were made with Air Canada or other airlines in respect to taking care of their customers. On the Air Canada web site, it is stated that "no arrangements were made by Jetsgo that would enable Air Canada to accept Jetsgo tickets."

If you are a customer of Jetsgo and have paid for a flight that is no longer scheduled, you may wish to communicate with the Canadian Transportation Agency: by telephone, 1-888-222-2592, by fax, 1-819-953-5686 or on its website at www.cta.gc.ca.


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