The court-appointed trustee in the 2008 Silver State Helicopters (SSH) collapse has filed suit against the company’s ex-CEO, Jerry Airola, and his top deputy, Steve Pickett, charging that the two used a complex shell game to fraudulently transfer $8.2 million out of the company in the months immediately before it declared bankruptcy.
In a hearing of the lawsuit filed by Blue Sky Avgroup against kit-airplane developer Epic Air, a federal judge in late August agreed with both the plaintiff’s and defendant’s request that a receiver be appointed. Early this month, the receiver is expected to provide a report and then Bend, Ore.-based Epic Air and sister companies Aircraft Completions Services and Aircraft Investor Resources will file for bankruptcy.
JetChoice, a Little Canada, Minn.-based membership charter company, voluntarily filed for Chapter 7 bankruptcy (liquidation) last month. The 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.
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.
A petition for bankruptcy under the Chapter 7 code was filed by JetDirect Aviation with the U.S. bankruptcy court in Delaware last Friday, listing liabilities of $100 million to $500 million. The filing noted that “there will be no funds available for distribution to unsecured creditors.” A meeting of creditors is scheduled for June 18 in Wilmington, Del.
JetDirect Aviation has now placed two of its subsidiary companies into bankruptcy. The first was Regal Jets of Dallas, placed into Chapter 11 bankruptcy on February 25. On Friday, JetDirect placed Novato, Calif. charter operator Sunset Aviation Inc. into Chapter 7 liquidation. JetDirect Aviation had furloughed all Sunset Aviation Inc.
JetDirect Aviation has now placed two of its subsidiary companies into bankruptcy. The first was Regal Jets of Dallas, placed into Chapter 11 bankruptcy on February 25.
On Friday, JetDirect placed Novato, Calif. charter operator Sunset Aviation, Inc. into Chapter 7 liquidation.
Just days after Eclipse Aviation achieved two key milestones–EASA and Avio NG 1.5 certification–the pioneering VLJ manufacturer this morning filed for Chapter 11 protection in U.S. Bankruptcy Court in Delaware. At the same time, Eclipse Aviation entered into an agreement to sell “substantially all of its assets” to an affiliate of Etirc Aviation of Luxembourg.
Englewood, Colo.-based would-be very light jet manufacturer Aviation Technology Group recently filed Chapter 7 bankruptcy to liquidate its assets. The company, which had been developing the two-seat Javelin and a military trainer version of the twinjet, suspended development of the VLJ program in late December since it wasn’t able to secure the needed additional funding.
Czech bankruptcy administrator Zlatava Davidova has awarded the assets of bankrupt Let Kunovice to Czech lightplane manufacturer Moravan Otrokovice, ostensibly ending a complicated tender process for the sale of the former Ayres Corp. subsidiary. Moravan, which plans to retain the Let name, expects to continue production of the 19-seat Let L-410 and its Westernized sibling, the L-420, as well as to pursue a number of new projects.