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Pascan Aviation is a Canadian, independant regional air carrier based in Quebec and flies to many destinations including Wabush, Happy Valley-Goose Bay, Bathurst, Bagotville, Mont-Joil, Quebec City, Sept-Iles, Val-d'Or, Saint-Hubert and many others.
The airline, headquartered at St.Hubert airport, has more than 115 employees and has ATR72-300, BAe Jetstream 32 and Pipe PA-31 Navajo in its fleet.
Pascan Aviation has a fleet of ten turboprop aircraft dedicated to daily regional flights to 12 destinations in Quebec, Labrador, and now in Ontario. Pascan Aviation operates scheduled services within Quebec, Labrador, Bathurst and New Brunswick.
12th September 2017
Canada's Pascan Aviation files for creditor protection
Pascan Aviation has filed for creditor protection under Canada's Companies' Creditors Arrangement Act (CCAA). Similar to a US Chapter 11 bankruptcy filing, the move will allow the distressed carrier to continue operating while restructuring its business.
A Superior Court of Quebec docket indicates Pascan's creditors - Business Development Bank of Canada and Investissement Quebec - are providing a total of USD1 million to support the Pascan Companies' recovery plan.
"The CCAA proceedings will, among other things, provide the Pascan Companies with the time and stability to restructure its business, negotiate a restructuring plan with stakeholders, compromise creditor claims, restructure material operating contracts, secure new financing, and otherwise consider restructuring and refinancing options," Pascan said.
Founded in 1999, Pascan Aviation offers daily flights to twelve airports in Quebec, New Brunswick, Newfoundland and Labrador. However, in May this year, the struggling carrier's founder and president, Serge Charron, announced a vast proportion of its domestic Quebecois operations were not economically viable and would therefore be cut.
He blamed the move on a weakening minerals and mining market that had resulted in the local government abandoning an economic development strategy aimed at developing mineral extraction in Quebec's north. As a result 240 out of 340 employees were laid off while fourteen of its twenty-two aircraft were put up for sale.
Pascan Aviation announced it will launch 2x daily flights from Montréal St. Hubert to Toronto City Centre/Billy Bishop starting April 10.
The flights will be run in cooperation with virtual carrier uFly, which will act as reseller through its subscription model. The route will primarily be aimed at business travellers.
As part of a bankruptcy recovery in late 2016, Pascan Aviation downsized its fleet and restructured its ownership and business model. Its fleet now entails one Jetstream 32 and two PC-12s used to serve destinations across Quebec and Labrador.
Pascan Aviation announced it was to offer regular flights to Toronto.
Pascan Aviation announced the start of two daily return scheduled daily flights from St.Hubert airport towards Toronto’s Billy Bishop airport. Beginning on April 10, these flights will be operated in partnership with Ufly Corporation, as a reseller. The development of this new flight schedule to Toronto will be done in partnership with Ufly Corporation.
Pascan Aviation (P6, Québec) 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 St. Hubert 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.
Pascan Aviation filed for creditor protection
Pascan Aviation, a regional airline that served communities such as Bathurst, has filed for creditor protection. Pascan Aviation said it will honour reservations and tickets as it restructures its business in parts of Quebec and Atlantic Canada. Pascan provides service with several small turboprop aircraft to the Bathurst airport as well as airports in Happy Valley-Goose Bay, Wabush, Ottawa and a number in Quebec.
Pascan Aviation announced it had to undertake a series of staff and fleet cut backs to help streamline its business in the wake of declining demand. Pascan Aviation's domestic Quebecois operations were no longer profitable and as such, would move to retrench 240 out of a total of 340 employees while selling off fourteen of its twenty-two aircraft which includes three ATR42-300(QC)s, twelve Jetstream 32s, four PC-12s, and various Beech (twin turboprop) aircraft.
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