The company cites debt levels and changes in the vacation travel market with its decision to shut down operations and file for receivership. At the time of the filing in Ontario Superior Court, Skyservice is said to owe almost $9 million CAD to long-term partner and Thomas Cook subsidiary Sunquest Vacations. This situation added complication to the debt load already put on the airline by a leveraged buyout in 2007 by Vancouver-based private equity firm Gibralt Capital Corporation , which placed more debt than was workable on the troubled airline, along with Roynat Capital calling in their loans to Skyservice earlier in the year.
The company cites debt levels and changes in the vacation travel market with its decision to shut down operations and file for receivership. At the time of the filing in Ontario Superior Court, Skyservice is said to owe almost $9 million CAD to long-term partner and Thomas Cook subsidiary Sunquest Vacations. This situation exacerbated the debt load already put on the airline by a leveraged buyout in 2007 by Vancouver-based private equity firm Gibralt Capital Corporation . That placed more debt than was workable on the troubled airline, along with Roynat Capital calling in their loans to Skyservice earlier in the year.
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