Interesting, Exusair, but I don't think that's the answer Nasmal was looking for!
This is from an earlier post I made in Airliners.net in response to someone who wanted to learn more about Wardair.
Wardair Canada was a major Canadian charter airline from the 1950s to its demise in 1989. It was named after Maxwell W. Ward, who was a well-known Canadian bush pilot born in Edmonton, Alberta. He started the airline in 1953, but didn't officially name it "Wardair Canada" until 1961. It was the first Canadian airline to purchase a Boeing jet, a 727, in 1966. Two years later, it took up a 707, and in the years since, Wardair had a fleet of DC-10-30s, 747-200s, 727-200s, and A310s. An order for about 16 MD-88s never materialized.
Ward had a lot of guts dealing with the Canadian bureaucracy in running his airline - and trying to sell tickets to chartered groups. Yet he managed to keep his airline going until it started sinking in debt (I think it ran up to about a billion dollars CDN) in 1989. The deregulation in the Canadian airline industry came too late for him to run Wardair as a scheduled carrier for very long - he was forced to sell Wardair to PWA Corp. (by that time PWA had already merged with CPAir to become Canadian Airlines) for $250 million. This is why the orders for the MD-88s never came. It was rumored that just before his airline was sold, Max only had enough cash on hand to keep the airline running for 15 days.
An interesting website about Max Ward and his airline can be found here: http://exn.ca/mini/flightdeck/aviators/ward.cfm
In addition, Most, if not all of Wardair's A310-300s were sold to the Canadian Armed forces by Canadian Airlines to raise badly needed cash. They proved difficult to sell due to fears of a fuel crisis from the Gulf War. Canadian Airlines did keep them for a short while with Canadi>n titles replacing the Wardair one, but still retaining the Wardair paint scheme.
When PWA Corp. (the company that owned Canadian Airlines) bought up Wardair, it chose to assume Wardair's debt. Apparently, it was an unwise move on PWA's part, as PWA Corp (Canadian Airlines) also made other bad decisions regarding fleet management, causing the debt to rise still further. And layoffs took out most of Wardair's employees. The debt kept climbing right up until Air Canada bought Canadian in December, 1999.
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Photo © Caz Caswell