Business News - Zoom Airlines to file for bankruptcy

ArcaMax Publishing > Business News

Your email address is safe with us. View our Privacy policy.

Free Financial Tools:

Start planning your financial future with our free financial tools & calculators.

The Funnies:

Get free jokes, comics, and more! See them all on
our funnies page

Books:

Read the classics online or by email. More details on the books page

Zoom Airlines to file for bankruptcy

TORONTO (UPI) -- Zoom Airlines, a carrier offering discount flights between Canada and Britain, said Thursday it is filing for bankruptcy.

Airline officials announced in the afternoon that all planes were being grounded, the Toronto Star reported. Passengers were told to discuss refunds with their credit-card companies.

Zoom operated as two companies, one in Canada and the other in Britain.

"We have done everything we can to support the airline and left no stone unturned to secure a refinancing package that would have kept our aircraft flying," the founders, Hugh and John Boyle, said. "Even as late as lunchtime today, we believed we had secured a new investment package to ensure future operations but the actions of creditors meant we could not continue flying."

Zoom planes had been grounded in Calgary and Glasgow before the announcement because of unpaid bills.

Copyright 2008 by United Press International

This news arrived on: 08/28/2008

Share this Story