TORONTO -- The Ontario Superior Court has approved the restructuring proposal Wasaya Airways has offered to its creditors.
Wasaya representatives appeared before the court in a brief appearance on Wednesday.
"This achievement marks another milestone as we near the end of our corporate restructuring," said Wasaya president Michael Rodyniuk in a release.
"We are grateful for the continued support of our stakeholders throughout this process."
The company's creditors accepted the terms of the proposals last month in what Wasaya called "an overwhelmingly positive vote of confidence."
The move allows the company to implement the final step in its restructuring. Distributions to Wasaya's creditors under the proposals are expected to commence in August.
