I'm not sure I fully understand how bankruptcy protection works. Isn't the idea that the bankrupt company comes up with a new business plan that will give its creditors a chance to recoup their losses? JetsGo owes something like $100-million. Leblanc's reputation is somewhat tarnished after bankrupting three different airlines. Why would anyone give him a chance to lose more money? If JetsGo is liquidated, the creditors will at least get some money back. (Anyone know what 15 used Fokkers are worth?)
Also, the idea of pushing all this through the court system, getting an agreement, rehiring staff, dealing with Transport Canada's issues, selling enough tickets to fill up summer flights, negotiating with airports, and everything else by the end of June sounds a bit optimistic.
Or perhaps I'm missing something.