newstodate.aero

Oct 29, 2019 (newstodate): The Latvian charter and ACMI provider SmartLynx Airlines has retreated from its Canadian business adventure, a new low-cost carrier Jetlines.
   Jetlines was slated to launch operations from December 17, 2019, supported by SmartLynx that took a stake in the Canadian start-up carrier.  
   In addition to the shares acquired and the provision for further options, SmartLynx was to place two A320-200 aircraft on an eight-year ACMI contract with Jetlines during the winter schedule.  
   The two carriers also inked a two-year agreement to provide Jetlines with support services during the early stage of the planned new operations.
   Jetlines will thus not take delivery in November 2019 of the two Airbus aircraft from Smartlynx, and SmartLynx Airlines CEO, Zygimantas Surintas has tendered his resignation as Jetlines Director.
   The postponement of JetLines' launch is caused by the company's inability to meet conditions to secure 40 million USD in financing, in addition to the funds committed by SmartLynx, leaving the project with a debts pile.
   The situation around Jetlines is further aggravated by  an investigation by Canada's Competition Bureau as well as pressure from competitors in Canada's aviation industry.