Bankruptcies spell trouble for flight depts
As companies merge, expand, downsize, change top executives or declare bankruptcy, their flight departments are often significantly affected.
As companies merge, expand, downsize, change top executives or declare bankruptcy, their flight departments are often significantly affected. In the past several weeks, four major companies with flight departments have filed for protection under Chapter 11. More than 20 corporate jets were operated by these four companies, and none is currently more visible than Enron.
Houston-based Enron, which filed the largest bankruptcy in U.S. history last year, had been operating one Gulfstream V, two Falcon 900s and three Hawkers. At press time the company was down to operating a Falcon 900B and Hawker 800XP. The GV, one Falcon 900 and one Hawker 800XP were returned to the lessor and one Hawker 800XP was sold before the bankruptcy filing.
