Florida’s GLOBALX provides more details on Jetlines spin-out

Global Crossing Airlines Group has released an update on the spin-out of its wholly-owned subsidiary Canada Jetlines Operations, formerly known as Jetlines (CJL, Vancouver Int’l), into a shell company, a move that was originally announced in September 2020. The Miami-headquartered charter and cargo start-up, operating as GLOBALX (Miami Int’l), said in an April 20 filing that the ownership of Jetlines will be distributed to the shareholders of GlobalX, each of whom will receive one Jetlines share for every two shares already held in GlobalX. After distribution, GlobalX itself will retain 25% of the Jetlines shares, with 75% to be held by GlobalX’s shareholders. On the closing of the transaction – expected by the end of the second quarter of 2021 – Jetlines and GlobalX will operate as separate companies with separate management teams and boards of directors. It is intended that Jetlines will operate as a Canadian charter carrier once the applicable regulatory approvals are in place. When the transaction is closed, the group intends to complete a private placement financing for Jetlines and seek a listing of Jetlines’ shares on Toronto’s TSX Venture Exchange, although it cautioned that no assurance could be given that this plan will actually take place. Among Jetlines’ management team, the filing named Eddy Doyle as chief executive, a former Royal Canadian Air Force pilot before joining Air Canada (AC, Montréal Trudeau) in 1989. He has over 11,000 hours’ flying experience, having flown Airbus and Boeing aircraft domestically and internationally before taking up a number of management roles at the flag carrier. He also helped launch and was deputy CEO at Bamboo Airways (QH, Hanoi). The group also named Duncan Bureau as commercial advisor, a former executive at Etihad Airways, Air Canada, Air Canada rouge, Malaysia Airlines, and WestJet; and Vic Charlebois as VP Flight Operations, who was previously in the same role at Jetlines as well as at First Air, Zoom Airlines, and Canada 3000 Airlines and spent 18 years in the Canadian Air Force. The board of directors includes Jean Charest, a former deputy prime minister of Canada and premier of Québec who was first elected to Canada’s House of Commons in 1984; Ravinder Minhas, founder of a number of highly-rated breweries; and David Kruschell, president and chief executive of Frontier Lodging Solutions and a prominent figure in the Canadian travel industry.