Financially troubled Chrono Aviation given time to restructure – Nunatsiaq

Nov 1, 2024

Chrono Group, which includes Chrono Aviation, put under administration by Quebec court

Chrono Group, an aviation firm that includes Chrono Aviation, has been put under administration by the Quebec Superior Court after a report showed the company cannot meet its obligations to its creditors amid legal woes with competitors.

Chrono Aviation — which recently opened a new route between Montreal and Iqaluit — hired Deloitte Restructuring Inc. to submit the report to the court. The report is posted to Deloitte’s website.

The court then appointed Deloitte to be Chrono’s administrator on Oct. 18.

That move is being done in accordance with the federal Companies’ Creditors Arrangement Act, which allows financially troubled businesses a chance to restructure and avoid filing for bankruptcy.

Read More: https://nunatsiaq.com/stories/article/financially-troubled-chrono-aviation-given-time-to-restructure/