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.
AEXJet To Keep Flying Despite Bankruptcy Filing
- September 20, 2007, 12:20 PM