Bankrupt AEXjet Ceases Operations

 - October 31, 2007, 11:56 AM

Aspen, Colo.-based AEXjet ceased operations for two weeks last month while the transactions for entering into a “business combination” with an unidentified operator were finalized. The charter company voluntarily filed for Chapter 11 bankruptcy protection on September 14, and CEO John Gallaher released a statement at that time assuring customers and employees that operations would continue. In an October 5 e-mail to employees, however, Gallaher said that due to operational constraints, “the best course of action for the company and the membership is a temporary cessation of operations.” AEXjet sent letters to customers to notify them of the cessation.