Directors and Officers of CANADA 3000 have resigned as of November 10, and on November 11, 2001, the Ontario Superior Court of Justice authorized and directed Deloitte & Touche Inc. as trustee in bankruptcy of CANADA 3000 INC., CANADA 3000 Airlines Limited/Lignes Aeriennes Canada 3000 Limitee and Royal Aviation Inc.
Deloitte & Touche Inc. has also been directed to continue the existing CCAA and related proceedings for the three companies for the time being.
However, on November 8, Canada 3000 Cargo President & CEO, Ajay K. Virmani released a statement saying that Canada 3000 Cargo Inc. would continue to operate as usual, providing overnight cargo service throughout Canada.
“At this stage, I would like to take this opportunity to assure you that the filing of Canada 3000 Airlines for protection under the CCAA will not affect operations for Canada 3000 Cargo Inc. Our service, business commitments and daily operations will not be affected by this action brought on by Canada 3000 Airlines,” said Virmani.
Canada 3000 Cargo Inc. operates a freighter network of 4 Boeing 727-200 aircraft providing approximately 300,000 lbs of lift across Canada on a nightly basis. Canada 3000 Cargo Inc. operates as a separate legal corporate entity, independent of any financial, structural or operational resources or support from Canada 3000 Airlines.
Canada 3000 Cargo Inc. is also governed by its own board of directors and is not a division or subsidiary of Canada 3000 Airlines. It is an independently managed joint venture company with Flagship International Marketing Limited, owned, operated and managed independently of Canada 3000 Airlines.
“Our business plan for the overnight premium cargo business across Canada is sound and is developed independent of any reliance on Canada 3000 Airlines and its business strategies. Filing of court protection by Canada 3000 Airlines will have absolutely no bearing on our business. The bottom line is that we will continue to operate and provide the same level of service, honour our commitments to our customers, suppliers and employees as we have done in the past,” said Virmani.
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