Dec 2/05
Bret Jang
Globe and Mail
Cargo airline AllCanada Express Inc. has declared bankruptcy after its liabilities exceeded assets by $10.3-million. Bankruptcy trustee KPMG Inc. said in a notice that the first meeting of creditors of Mississauga-based AllCanada will be held next Wednesday in Toronto. The privately owned cargo carrier has $2.2-million in assets and $12.5-million in liabilities, according to a statement by AllCanada president John Mackenzie. A mid-November list of creditors shows that the Greater Toronto Airports Authority is owed $151,632 and Nav Canada, operator of the country's air traffic control system, is owed $61,024. The largest creditor is a private aircraft leasing firm that's owed $6.8-million. The Canadian Transportation Agency said AllCanada's licences have been suspended.
AllCanada Express Files Bankruptcy
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tonysoprano
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tonysoprano
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Not too sure what that means or what it's in reference to, but I expect there are some that lost far more than just a "few thousand dollars" and will be struggling to get back on their feet. Administrative staff, mechanics, etc. There are a lot of folks in a tough position right now as a result of the closure of ACE and I just hope they all land on their feet quickly.Most of the guys are not very happy knowing that they have lost a few thousand dollars from the situation!!
Cargodog - Well said. Some guys are in real dire straights right now, others are way better off they were 2 months ago.
Kosiw - Actually Cargojet did pick up some guys already - I hear something like 10 pilots and even some office people too. I think maintenance must be doing ok too, there's never a shortage of work for those guys.
Kosiw - Actually Cargojet did pick up some guys already - I hear something like 10 pilots and even some office people too. I think maintenance must be doing ok too, there's never a shortage of work for those guys.
Fr8Dawg,
Thanks... As some know, I was not a huge fan of ACE as a entity in the past and it was only out of competitive nature and never against the people doing what they do. No different than WJ & AC, Canjet & WJ, or any other companies that compete for the same market.
I've said it before, everyone needs to remember at the end of the day regardless what name is on your paycheque everyone's just trying to be a provider - whether it be to a family or whatever.
The demise of a company, rival or not, is never a time for celebration, but support for those most negatively affected. People need to put themselves in the other guys shoes. The stresses becoming suddenly without income with the challenges of mortgages, kids to feed, cars to pay for, food on the table, and at an already financially taxing time of year (Holiday season) is something I don't think any of us would wish on anyone.
Hopefully, with some of the recent growth in other sectors of the industry everyone that was hit hard by the company's closure will quickly secure a new position and be able to look back on it and view the shutdown as a positive turning point in their careers.
I sure hope that between Morningstar, KFC, CJT, etc these folks are able to quickly find new employment and contribute the experience.
KFC has started Cuba, BAX is currently being run by American carrier CCI but hopefully this will soon come back to a Canadian operator (KFC/CJT/etc) and the growth for those companies will require the services of ex ACE folks.
Thanks... As some know, I was not a huge fan of ACE as a entity in the past and it was only out of competitive nature and never against the people doing what they do. No different than WJ & AC, Canjet & WJ, or any other companies that compete for the same market.
I've said it before, everyone needs to remember at the end of the day regardless what name is on your paycheque everyone's just trying to be a provider - whether it be to a family or whatever.
The demise of a company, rival or not, is never a time for celebration, but support for those most negatively affected. People need to put themselves in the other guys shoes. The stresses becoming suddenly without income with the challenges of mortgages, kids to feed, cars to pay for, food on the table, and at an already financially taxing time of year (Holiday season) is something I don't think any of us would wish on anyone.
Hopefully, with some of the recent growth in other sectors of the industry everyone that was hit hard by the company's closure will quickly secure a new position and be able to look back on it and view the shutdown as a positive turning point in their careers.
I sure hope that between Morningstar, KFC, CJT, etc these folks are able to quickly find new employment and contribute the experience.
KFC has started Cuba, BAX is currently being run by American carrier CCI but hopefully this will soon come back to a Canadian operator (KFC/CJT/etc) and the growth for those companies will require the services of ex ACE folks.
Last edited by Cargodog on Fri Dec 09, 2005 3:41 am, edited 1 time in total.
Well said Cargodog - aviation is a tough biz and although companies may compete people within the companies have so much in commen. this is probably the worst time of year to be without a paycheck. To those affected keep plugging away - all the best to you and your families
