In an e-mail sent to employees on Friday morning, AEXjet CEO John Gallaher said the charter company is ceasing operations for two weeks while the transactions for entering into a “business combination” with an unidentified operator are finalized. The company voluntarily filed for Chapter 11 bankruptcy protection on September 14, and Gallaher released a statement at that time assuring customers and employees that operations would continue. In the October 5 e-mail, however, Gallaher said the company has been unable to “meet…members’ expectations.” Further, “Our original intent was to…avoid disruption to our business,” he wrote. “Now, in light of the unanticipated operational constraints that we are currently under…AEXjet management and its financial and legal advisors agree that the best course of action for the company and the membership is a temporary cessation of operations.” AEXjet has sent letters to customers to notify them of the cessation, and employees have been encouraged to use their vacation time until operations resume.
Bankrupt AEXjet ‘Temporarily’ Ceases Operations
- October 9, 2007, 11:44 AM