JetChoice, a Little Canada, Minn.-based membership charter company, voluntarily filed for Chapter 7 bankruptcy (liquidation) last Friday. JetChoice’s holding company, Corsair Aviation, also owns Capitol Wings of Austin, Texas, and ACM Aviation of San Jose, Calif. The Chapter 7 filing lists assets of $5.4 million, $4 million owed to creditors holding secured claims, $465,695 owed to creditors holding unsecured priority claims and $21.3 million owed to unsecured creditors. Most of the priority claims are for unpaid wages, benefits and expense reimbursements, and many of these employees are owed thousands of dollars. A number of FBOs are listed as unsecured creditors owed tens of thousands of dollars, and others include CAE SimuFlite; Duncan Aviation; Elliott Aviation; FlightSafety International; Honeywell; Jet Support Services; Pratt & Whitney Canada; and Universal Weather & Aviation. JetChoice chief manager David Kloeber is listed as being owed $3.7 million. According to a Minneapolis St. Paul Business Journal report, JetChoice investor Jerry Trooien filed a lawsuit against Kloeber for unpaid rent and loan payments, and Kloeber has filed a counterclaim.
Another Charter Outfit Files Chapter 7
- May 7, 2009, 12:45 PM