LATEST NEWS ON CANADA3000

CANADA 3000 STATEMENT

On November 10, 2001, the Directors and Officers of CANADA 3000 (TSE:CCC) resigned.

On November 11, 2001, the Honourable Mr. Justice Ground of the Ontario Superior Court of Justice authorized and directed Deloitte & Touche Inc., monitor under the Companies' Creditors Arrangement Act ("CCAA") to cause CANADA 3000 INC., CANADA 3000 Airlines Limited/Lignes Aeriennes Canada 3000 Limitee and Royal Aviation Inc. to make assignments in bankruptcy.Deloitte & Touche Inc. has been appointed Trustee in bankruptcy of these three
companies.

Deloitte & Touche Inc. has been directed to continue the existing CCAA and related proceedings for the three companies for the time being.

Working with these companies, Deloitte & Touche Inc. is taking steps to preserve the assets and business of the companies pending further discussions with interested stakeholders and further Order of the Court.

The effect of the bankruptcy proceedings is to terminate immediately the employment of all employees of CANADA 3000 Inc., CANADA 3000 Airlines/Lignes Aeriennes CANADA 3000 Limitee, and Royal Aviation Inc.

In order to preserve the assets and business of the companies pending further discussions with interested stakeholders, certain employees will be asked to return by the trustee.

DÉCLARATION DE CANADA 3000

Les directeurs et membres de la haute direction de CANADA 3000 (TSE: CCC) ont donné leur démission le 10 novembre 2001.

Le 11 novembre 2001, Monsieur le juge Ground, de la Cour supérieure de justice de l'Ontario, a autorisé et chargé la firme Deloitte & Touche Inc., contrôleur en vertu de la Loi sur les arrangements avec les créanciers des compagnies (" CCAA
"), de faire en sorte que les sociétés CANADA 3000 INC., CANADA 3000 Airlines Limited / Lignes Aeriennes Canada 3000 Limitée et Royal Aviation Inc. se mettent en faillite. La firme Deloitte & Touche Inc. a été déléguée comme syndic à la faillite de ces trois sociétés.

Pour l'instant, la firme Deloitte & Touche Inc. est chargée, au nom de ces trois sociétés, de poursuivre les instances en cours et liées en vertu de la Loi CCAA.

En attendant de nouveaux entretiens avec les intervenants intéressés et d'autres ordonnances du tribunal, la firme Deloitte & Touche Inc., de concert avec les entreprises, prend présentement des mesures pour protéger les actifs et
entreprises de ces sociétés.

So what does that mean ? In the hotel where I work, I was expecting busloads of canadians from C3000 this winter ! Is anybody gonna show up, or what ? Are these guys gonna be given another opportunity to come down to the Pto Pta area ?

Air Transat will try and many as they can Canada 3000 package groups in the autumn, no word for the winter yet

The bad news doesn't stop with the demise of Canada 3000. Signature Vacations has laid off a large percentage of its staff in Canada and the U.K. Signature has also cancelled most of its Dominican vacation packages for winter 2002.
Could be a slow winter season. good luck