Wasaya Airways proposal to restructure goes under the microscope - Action News
Home WebMail Thursday, November 14, 2024, 02:17 AM | Calgary | 6.0°C | Regions Advertise Login | Our platform is in maintenance mode. Some URLs may not be available. |
Thunder Bay

Wasaya Airways proposal to restructure goes under the microscope

The fate of two aircraft hangars in Thunder Bay, Ont. could be decided at meetings being held in the city on Tuesday.
Wasaya Airways' outstanding debt totals more than $35 million, with nearly $8 million of that owed to the Royal Bank of Canada. (Wasaya.com)

The fate of two aircrafthangars in Thunder Bay, Ont. could be decided at meetings being held in the city on Tuesday.

Creditors of Wasaya Airways and its associated companies are meeting todecide whether to accept Wasaya's proposal to restructure as part of insolvency proceedings.

The outstanding debt totals more than $35 million, with approximately $7.85million of that owed to the Royal Bank of Canada, according to Vine and Williams, Inc., the trustees for the insolvency.

Wasaya is owned by 12First Nations in Ontario that do not have year-round road access.Ithas been in business for 26 years.