Lights Out for DayJet

AINalerts » November 20, 2008
November 20, 2008, 11:03 AM

Per-seat, on-demand very light jet (VLJ) air-taxi firm DayJet last Friday filed for Chapter 7 bankruptcy (liquidation), just four days after company founder Ed Iacobucci expressed doubt at a VLJ air-taxi conference that the Boca Raton, Fla.-based charter operator would be resurrected. The company ceased operations on September 19 and its 28 Eclipse 500s were subsequently repossessed by Eclipse Aviation and United Technologies Finance, a sister company to Eclipse engine supplier Pratt & Whitney Canada. DayJet leaves behind a 60-page list of creditors, apparently mostly customers who used the per-seat, on-demand service. The bankruptcy documents, filed in the Delaware District U.S. Bankruptcy Court, list DayJet Corporation, DayJet Leasing LLC and DayJet Services LLC as debtors, with $3,277,180.47 in assets and $3,871,666.51 in liabilities. The largest debts owed include $1.2 million (listed as a disputed amount) to Eclipse; $574,000 to WingedFoot Aviation Holdings, a charter company owned by Iacobucci and holder of DayJet’s Part 135 charter certificate; nearly $370,000 to Avcard; and $312,000 to Eclipse’s training division, among others. According to minutes of the last board meeting included in the bankruptcy filing documents, DayJet executives tried several last-ditch efforts to save the company.

Share this...

Please Register

In order to leave comments you will now need to be a registered user. This change in policy is to protect our site from an increased number of spam comments. Additionally, in the near future you will be able to better manage your AIN subscriptions via this registration system. If you already have an account, click here to log in. Otherwise, click here to register.