Pzut-être de retour dès cet été Zoom Airlines may fly again
Zoom Airlines could return to the skies this summer under a new owner who pledges to restore low-cost transatlantic service less than a year after the carrier folded.
James Hultquist-Morrissey, owner and chairman of Globe Span Capital, said in an interview Tuesday night that he wants to take advantage of fuel prices that have tumbled about 65 per cent since Zoom went out of business in August.
Globe Span, a Toronto-based private equity firm, is working with bankruptcy trustee Doyle Salewski Inc. to take control of two or three Boeing planes that were leased in Canada by Zoom, he said.
“I'm the first guy to admit that there is some ill will there, but the brand name is worth bringing back,” Mr. Hultquist-Morrissey said.
Flight schedules have yet to be determined, but preliminary plans call for service in Toronto, Montreal, Paris, London and Rome.
Mr. Hultquist-Morrissey said Hugh and John Boyle, the Scottish-born brothers who co-founded Zoom in 2002, misjudged the effect of soaring fuel prices last year.
The discount carrier racked up $94.2-million in liabilities while having few assets.
“We are working toward an amicable agreement with the bankruptcy trustee,” Mr. Hultquist-Morrissey said.
The airline shut down on Aug. 28, stranding an estimated 4,500 travellers and leaving another 40,000 customers with useless tickets.
Zoom had three 269-seat Boeing 767-300s and two 201-seat Boeing 757-200s registered in Canada.