Lynx Air Files for and Obtains CCAA Creditor Protection

CALGARY, Alberta, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Lynx Air (Lynx), a low-cost airline with service to destinations throughout Canada, the U.S. and Mexico, today announced that it has sought and obtained an initial order for creditor protection from the Court of King's Bench of Alberta under the Companies' Creditors Arrangement Act ("CCAA").

Over the past year, Lynx Air, has faced a number of significant headwinds including rising operating costs, high fuel prices, exchange rates, increasing airport charges and a difficult economic and regulatory environment.

Operating as an ultra low-cost carrier, Lynx launched its inaugural flight in April 2022, growing its fleet and number of destinations while doubling its volume of passengers over the past two years. However, despite substantial growth in the business, ongoing operational improvements, cost reductions and efforts to explore a sale or merger, the challenges facing the company's business have become too significant to overcome.

In connection with the commencement of proceedings, Lynx Air has made the decision to cease operations effective 12:01 a.m. MT on Monday, February 26, 2024, with flights continuing to operate until that time.

Every effort is being made to assist passengers at this time. Passengers with existing bookings are advised to contact their credit card company to secure refunds for pre-booked travel. Additional information for Lynx customers is available at this Frequently Asked Questions page (https://www.flylynx.com/en/faq-lynx).

Lynx would like to extend sincere gratitude to its loyal customers, dedicated employees and business partners for their commitment and dedication to the company.

Osler, Hoskin & Harcourt LLP are acting as legal advisors to Lynx Air. FTI Consulting Canada Inc. was appointed as the CCAA Monitor ("the Monitor"). Additional information related to the CCAA proceedings will be available on the Monitor's case website at: http://cfcanada.fticonsulting.com/lynxair.