Wasaya Airways proposal to restructure goes under the microscope

The fate of two aircrafthangars in Thunder Bay, Ont. could be decided at meetings being held in the city on Tuesday.

Creditors of Wasaya Airways and its associated companies are meeting todecide whether to accept Wasaya's proposal to restructure as part of insolvency proceedings.

The outstanding debt totals more than $35 million, with approximately $7.85million of that owed to the Royal Bank of Canada, according to Vine and Williams, Inc., the trustees for the insolvency.

Wasaya is owned by 12First Nations in Ontario that do not have year-round road access.Ithas been in business for 26 years.

• Aboriginal pilots join Wasaya Airways in northern Ontario