Chrono Aviation Inc. and its affiliated companies (the "Chrono Group"), a Québec City-based charter airline primarily serving isolated Arctic communities, entered CCAA protection on October 18, 2024 due to financial difficulties, reporting $74.2 million in liabilities, including $18.7 million owed to National Bank. The Chrono Group, employing over 330 people across operations in Montreal, Québec City, and Rimouski, faced significant challenges from COVID-19 impacts, increased aircraft maintenance costs, and a $21 million lawsuit from Nolinor Investments. Prior efforts to stabilize through three sales processes and restructuring proved insufficient.

The CCAA proceedings aim to facilitate a restructuring via an RVO transaction with Aviation Starlink as a strategic partner, ensuring Chrono Group’s continued operations. Deloitte was appointed as the monitor. Legal advisors included Osler for the Chrono Group, Norton Rose Fulbright for the monitor, McCarthy Tétrault for National Bank, Davies for LBC Capital, BLG for BDC, Langlois for Q-12 Capital, Stein Monast for Investissement Québec, Woods for AvJet Holding, Daigle & Matte for Gestion J Rouleau Gagnon, and Robinson Sheppard Shapiro and AVENS for Nolinor Investments.