Canada’s Lynx Air files for bankruptcy protection, to cease operations on Feb 26

Canadian budget airline Lynx Air has filed for court protection from creditors and will cease operations on Feb. 26, it said on Thursday, as it struggles with rising operating costs, high fuel prices and increasing airport charges. Lynx will seek protection under the Companies' Creditors Arrangement Act, a Canadian Federal Act that allows large corporations to restructure their finances and avoid bankruptcy, while allowing creditors to receive some form of payment for amounts owed to them.