Canada 3000 Timeline

Canada 3000 took to the air as a charter service back in 1988, promising reliable, affordable air travel.

Founded in Toronto, the airline quickly expanded to open offices across the country, offering flights to dozens of domestic and international destinations. It later expanded beyond charters to offer scheduled service.

It became one of Canada's largest vacation providers though its Canada 3000 Holidays subsidiary, flying to the Caribbean, Hawaii, Mexico, California, Arizona, Las Vegas, Florida, as well as Fiji, the South Pacific, New Zealand, the Cook Islands, India, Britain and Europe.

In July 2000, the airline went public with an initial public offering that priced its shares at $10 each.

Months later, it became Canada's second-largest airline with the acquisition of Royal Aviation and CanJet in early 2001.

By the summer of 2001, almost 5,000 employees were looking after Canada 3000's 5 million passengers a year on a fleet of more than 40 planes.

But air travel began to fall off later in 2001 along with the economy. And after the Sept. 11 terrorist attacks, travel fell off even more.

More than $40 million in debt, and losing $700,000 a day, Canada 3000 tried to shut down its Royal Aviation subsidiary on Nov. 6. When that failed, it filed for and was granted creditor protection on Nov. 8.

At midnight on Nov. 8, it issued a terse announcement that it was ceasing all operations.

Here are some highlights of the rise and fall of Canada 3000:

• Nov. 9, 2001: Canada 3000 grounds planes; thousands stranded

• Nov. 8, 2001: Canada 3000 granted creditor protection; will lay off 1,500

• Nov. 7, 2001: Fate of Canada 3000 bangs in balance as board weighs Royal bid

• Oct. 26, 2001: Canada 3000 wants 'Tango' airline declared illegal

• Oct. 10, 2001: Airlines face huge post-attack losses

• Oct. 2, 2001: Ottawa announces $160-million aid package for airlines

• Apr. 24, 2001: Ottawa approves takeover of CanJet

• March 28, 2001: Canada 3000 to add CanJet to its hangar

• Jan. 29, 2001: Canada 3000 bids $84 million for Royal Aviation

• July 13, 2000: Canada 3000 goes public