AEXJet To Keep Flying Despite Bankruptcy Filing

 - September 20, 2007, 12:20 PM

Aspen Executive Air (AEXJet), an ARG/US Platinum-rated charter operator, voluntarily filed for Chapter 11 bankruptcy protection last week in the U.S. Bankruptcy Court, District of Delaware. The petition lists up to $100 million in liabilities, with more than 200 creditors. The list of liabilities includes $19,834,442 to JLT Aircraft Holding for money owed on the lease of two Gulfstream G200s; $11,206,764 to Walker Aircraft on the lease of a Dassault Falcon 900B; $300,847 to FlightSafety International; $167,554 to Pratt & Whitney Canada; and $44,210 to CAE SimuFlite. “This is a necessary step that will strengthen the company and allow AEXJet to move forward,” CEO John Gallager stated. The company will continue operating, Gallager said, and would be entering into a “business combination” with another charter operator. He added that the identity of the operator “must remain confidential,” but noted that negotiations should be complete by the end of next week.