ZOOM Airlines Replacement Flights - Cheap Tickets

The Globe and Mail has reported that Zoom Airlines could once again fly the skies from Canada to Europe this summer. The airline shut down on August 28, 2008, stranding about 4,500 travellers and leaving 40,000 customers with useless tickets. The prospective owner, James Hultquist-Morrissey, the owner and chairman of Globe Span Capital, says low fuel prices are to Zoom Airlines’ advantage, should he choose to resurrect the airline. Fuel prices have dropped about 65 per cent since August, when Zoom Airlines ceased operations. Hultquist-Morrissey said Hugh and John Boyle, the co-founders of Zoom, misjudged the effects of soaring fuel prices last year, owing $94.2 million in liabilities, with much fewer assets. 'I'm the first guy to admit that there is some ill will there, but the brand name is worth bringing back,' he said. Globe Span Capital is a Toronto-based private equity firm which is now working with a bankruptcy trustee to take control of up to three Boeing planes that were leased in Canada by Zoom. Flight schedules have yet to be determined, but preliminary plans call for service in Toronto, Montreal, Paris, London and Rome.

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