By next Monday, Canadian travelers who booked with the low-cost airline "Lynx Air" will be lucky to get their money back and its employees will be unemployed.

Officials at the Calgary-based company announced on Thursday evening that it will cease operations as of 12:01 AM local time on February 26, 2024, after filing for creditor protection.

Lynx Air advised passengers with current bookings to contact their credit card company to secure refunds for prepaid travel.

A statement issued by WestJet also acknowledged the immediate impact that the news will have on passengers and employees.

WestJet went on to say it is ready to help mitigate some of the emerging issues, including offering discounted fares for stranded domestic travelers and capping the prices of return flights home to Canada on WestJet routes without canceling flights previously served by Lynx.

Alongside the direct impact felt by travelers, the International Air Pilots Association says 160 pilots and cabin crew will be affected.

Duncan Dee, former Chief Operating Officer at Air Canada, issued a statement on X, the social media platform formerly known as Twitter, describing it as a "very sad day for the Canadian airline community" and the communities it serves.