Discovery Air granted creditor protection, ‘business as usual’ for subsidiaries

by Sidney Cohen - March 22, 2018

Discovery Air, parent company of Air Tindi and Great Slave Helicopters, has been granted protection from creditors by the Ontario Superior Court while it arranges for the sale of its subsidiaries. Protection was given to Discovery under the Companies’ Creditors Arrangement Act, which allows insolvent companies that owe creditors more than $5 million to continue…

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2 Responses to “Discovery Air granted creditor protection, ‘business as usual’ for subsidiaries”

  1. Had we worked harder in the NWT to bolster mineral exploration, we might have kept the $1 billion plus in exploration expenditures that we missed out on over the past 10 years. That’s a pile of money that would have gone to sustain helicopter and fixed wing charter, expediting, camp supply and drilling companies. It’s important for GNWT and Indigenous governments to work hard at keeping the NWT attractive to exploration and mining investment.

  2. So, let’s get this straight- they were given a ‘loan’ of $34 million to relocate. Then another $17.5 M contract to run air medevac flights- which essentially is a monopoly for the company. In total it’s $51.5 m in contract/loan values- money that belongs to the people of the NWT- and Discovery can’t make ends meet?? Sounds to me more like government bailouts to cover for bad business decisions. Wouldn’t surprise me if the company is hacked up and pieces sold to the highest bidder. Why not? As long as the GNWT continues to make these bone headed decisions- our hard earned tax dollars will be sucked into bottomless pits.