An Ontario Superior Court of Justice has given approval of the restructuring proposal tabled by Wasaya Airways LP and Wasaya Airways Leasing.
The proposals were approved following a brief hearing before the Regional Senior Justice Geoffrey Morawetz in Toronto, June 8.
“This achievement marks another milestone as we near the end of our corporate restructuring. We are grateful for the continued support of our stakeholders throughout this process”, said Wasaya president-CEO Michael Rodyniuk in a news release.
The First Nation-owned regional air carrier said it is now prepared to implement the final step in its restructuring in accordance with the terms of the proposals, which were accepted by creditors last month in Thunder Bay. Distributions to creditors are expected to commence in August.
The restructuring process began in September, 2014 with the appointment of R.E.I. Group to lead it. Rodyniuk was later hired as president and CEO.
Wasaya Airways is headquartered in Thunder Bay with bases in Sioux Lookout, Pickle Lake, and Red Lake. The carrier provides scheduled passenger, charter, freight and fuel services to 25 destinations.
