A Verijet Cirrus SF50 G2+ Vision Jet. [Courtesy: Verijet]
Key Takeaways:
Florida-based charter carrier Verijet has filed for Chapter 7 bankruptcy, signaling the end of its approximately five years in operation through a process of liquidation.
Despite rapid growth and marketing itself as a "green alternative," the company faced significant financial liabilities ($10-50 million) and lawsuits from customers over canceled flights purchased via "jet cards."
The company's struggles included a failed merger with a SPAC led by former Boeing CEO Dennis Muilenburg, and its operations ceased around September following the death of its founder and CEO, Richard Kane.
Florida-based charter carrier Verijet has filed for Chapter 7 bankruptcy, signaling the end of its roughly five years in operation.
Unlike Chapter 11 bankruptcy, Chapter 7 begins a process of liquidation where a company’s assets are sold off and the proceeds distributed to creditors. It typically ends the bankrupt company’s existence.
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Zach Vasile is a writer and editor covering news in all aspects of aviation. He has reported for and contributed to the Manchester Journal Inquirer, the Hartford Business Journal, the Charlotte Observer, and the Washington Examiner, with his area of focus being the intersection of business and government policy.
