Large Cabin Charter Operator Files for Chapter 11
Aug 17, 2020
- August 17, 2020, 1:32 PM
Charter aircraft operator All In Jets, doing business as Jet Ready, has filed Chapter 11 reorganization bankruptcy based on filings earlier this month in the Southern District of New York Bankruptcy Court. The mainly large-cabin provider is based in Florida but has had its principal place of business or principal assets in the southern New York district for the past six months. According to an industry source, the company operates a fleet of leased aircraft including four Gulfstream GIVs, two GIV-SPs, and a Bombardier Challenger 601-3A. Also affiliated with Jet Ready are three additional GIV-SPs, another GIV, and a pair of Hawker 800As. Most of the aircraft have liens against them. In its August 9 filing, it had assets of between $500,000 and $1 million and estimated liabilities of between $1 million and $10 million. The company’s unsecured creditors span all aspects of business aviation, with the largest debt owed to Florida aviation law specialists Jarvis & Associates ($758,258). Other major claimants include maintenance providers such as Just Jets Services ($504,084), fuel providers and FBOs—World Fuel Services ($513,777), Atlantic Aviation ($393,866), and Apex Jet Center ($151,848)—training provider CAE ($166,952), trip support provider Jetex ($129,654), OEM Gulfstream ($105,775), and fellow charter providers Jetright ($252,876) and Pegasus Elite Aviation ($123,820). Court documents also show nine other companies and agencies owed varying amounts between $62,653 and $132,926.