Porter Airlines Inc.’s bid to more than double its flight network by flying Bombardier Inc. jets from the Toronto island airport suffered a setback after the city said it needs more time to study the proposal.
Porter Aviation Holdings Inc., the owner of a Canadian airline formed in 2006, plans to raise as much as C$140 million ($136 million) in its initial public offering, according to sale documents sent to investors.
Porter Airlines Inc.’s bid to more than double the reach of its network hinges on winning over governments in Toronto and Ottawa amid potentially fierce opposition from local residents in its hometown.
Porter Aviation Holdings Inc., the owner of a Toronto-based airline formed in 2006, plans to use proceeds from an initial public offering to expand, anticipating a rebound in passenger traffic as the economy recovers.
WestJet Airlines Ltd.’s proposed regional unit would tap a $1.98 billion market by using turboprop planes to serve airports with runways too small for the company’s Boeing Co. jets, its finance chief said.