P.M. BRIEFING : Charter Airline Halts Operations
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TORONTO — Canada’s largest charter airline, Worldways Canada Ltd., has temporarily ceased operations due to a cash-flow crisis stemming in part from rising jet fuel costs.
Worldways said in a statement late Thursday it suspended operations to ease its current cash-flow problems “due to the dramatic rise in jet fuel prices.”
The airline, which at the same time laid off about 1,000 employees, said it hoped to resume flying in “a few weeks.”
Tour operators were making alternative arrangements for thousands of people booked on Worldways flights to the Caribbean and Europe for this weekend.
Worldways has been struggling since last spring when the Ontario government provided it with a $5.1-million line of credit to keep it aloft. That line of credit expired Sept. 30.
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