THUNDER BAY - Wasaya Airways says it is nearing the end of its corporate restructuring process.
The airline issued a media release Tuesday morning, announcing they will be making a proposal to compromise certain creditor claims. They say the claims are primarily old outstanding obligations.
“Wasaya Airways has the support of its major stakeholders including our operating and term lenders moving forward. We will be coming out of this last phase as a renewed, reinvigorated and profitable entity,” chairman of the board of directors, Chief Bart Meekis said in a statement. "This decision was made with consideration and input from our key stakeholders, including major lenders and aircraft lessors who back our decision.”
During the past two years the airline has also worked to improve on-time performance, guest services and increased load factor. They are also renewing their fleet and making other operational changes while developing a more efficient freight logistics and delivery system.
