Soon after its demise, the company pledged to make a comeback as a charter-only airline, but on May 13, 2005, the airline officially declared bankruptcy, cancelled plans to relaunch service, and began the process of liquidation.
On March 11, 2005, Jetsgo abruptly announced that it had ceased operations. The action stranded hundreds of passengers in airports and at their travel destinations with no way home, the defunct airline having made no arrangements with other carriers to handle their passengers. This occurred on the Friday morning before the March Break holiday season, one of the busiest air travel days in 8 of 10 provinces. 1200 employees also lost their jobs. Jetsgo accumulated $55 million in debt in the last eight months before it closed.
Employees were finally paid for the time prior to the airline's shutdown on March 14, 2005. Passengers who had purchased Jetsgo tickets were forced to apply for refunds through their credit card companies or travel agencies. Air Canada and WestJet ran additional flights to bring the stranded passengers home.
Because of its abrupt shutdown, the Jetsgo name was frequently corrupted to "Jetsgone" in media reports, and a website for former employees operated under that name for some time after the company's demise.
Public mention of the airline occurred again in February 2007 when it was reported that the US military was using the former call sign assigned to Jetsgo during flights over European Union (EU) territory. The report went on to allege that the call sign had been used by flights involving so-called "Extraordinary rendition" flights.
Source: Toronto Star March 14 ,2005 p A7
Here is a list of incidents reported about Jetsgo:
Source: Transportation Safety Board of Canada / Toronto Star March 17, 2005 p C9
On 20 January 2005 a Jetsgo McDonnell Douglas MD-83 landing in poor weather and low visibility at Calgary International Airport, Canada, veered left off runway 34 and hit a runway hold-short sign, damaging landing gear and flaps. The plane then declared a missed approach, took off and landed again. There were no casualties (ref: Flight International, July 2005).
"Jetsgo. Moins cher, plus souvent"