Gulfstream International Group, the parent company of Fort Lauderdale, Fla.-based Gulfstream International Airlines, entered Chapter 11 bankruptcy protection last month in an effort to restructure its debt and secure long-term financing. Gulfstream said it has arranged for up to $5 million in debtor-in-possession (DIP) financing from Chicago-based Victory Park Capital Advisors and that it anticipates no effect on its flight schedules.
United States bankruptcy law
Emivest Aerospace’s Chapter 11 bankruptcy reorganization filing on October 20 revealed that the company has until January 14 to find a buyer or could face Chapter 7 liquidation. Any prospective buyer of the manufacturer of the SJ30 light jet would have until February 4 to close the deal.
Emivest Aerospace’s Chapter 11 bankruptcy reorganization filing late last month revealed that the company has until January 14 to find a buyer or could face Chapter 7 liquidation. Any prospective buyer of the manufacturer of the SJ30 light jet would have until February 4 to close the deal.
San Antonio-based Emivest Aerospace, manufacturer of the SJ30 light jet, announced on October 20 that it petitioned for restructuring under Chapter 11 of the U.S. bankruptcy code. Under the plan, Emivest Aerospace will continue to operate normally with debtor-in-possession financing. The company said it will continue to support the four customer aircraft that are being operated in the U.S. and internationally.
A Delaware bankruptcy court could decide as early as today whether to allow Emivest Aerospace to continue operations after the company filed for creditor protection and reorganization under Chapter 11 of the U.S. bankruptcy code late last week. The maker of the $7.5 million SJ30 light jet indicated that it could obtain up to $4 million in debtor-in-possession financing to keep its doors open and continue to support the four in-service SJ30s.
Phillip Friedman, CEO of Harlow Aerostructures of Wichita, is vying to buy the assets of bankrupt aircraft developer Epic Air. Last year, he mounted an effort to bid on the assets of bankrupt very light jet manufacturer Eclipse Aviation, though he never made it into the final bidding. An auction for Epic's assets is scheduled for March 26.
Swindler Bernard Madoff’s charter company, BLM Air Charter, filed for voluntary bankruptcy (Chapter 11) in the U.S. Bankruptcy Court Southern District of New York on November 12. The bankruptcy filing lists two creditors as holding the largest unsecured claims: Embraer Aircraft Customer Service, with a claim of $240,728.50; and Rolls-Royce, with $181,289.76. Irving Picard, court-appointed trustee for the liquidation of Bernard L.
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.
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.