Porter Aviation Holdings Inc., which operates flights out of Toronto’s island airport, is considering a sale and lease-back of the passenger terminal to raise cash.

Porter will use the proceeds from any potential sale of the terminal at Billy Bishop Toronto City Airport for “continued investment in the airline’s growth,” the closely held company said in a release today. The airline hired Barclays Capital Canada and RBC Capital Markets to advise on the possible sale.

Robert Deluce, chief executive officer at Porter, last year unveiled plans to add as many as 30 CSeries Bombardier Inc. jets, in an order worth as much as $2.1 billion. The jets will help Porter more than double its network to cities as far away as Los Angeles and the Caribbean. The airline currently serves cities in Canada and the U.S.

Toronto City Council’s executive committee voted in December to defer approval of a runway expansion proposal that would allow jets to use the airport. Jets are currently banned at the city airport.

To contact the reporter on this story: Eric Lam in Toronto at elam87@bloomberg.net. To contact the editors responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net. 

Photo Credit: A Porter Airlines plane over Toronto. Porter Airlines