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.
In documents filed with the U.S. Bankruptcy Court for the Southern District of Florida late last week, Verijet said it has assets valued between $1 million and $10 million and liabilities of between $10 million and $50 million. It has between 200 and 1,000 creditors.
Verijet operated a fleet of Cirrus Vision SF50s and billed itself as a green alternative in private air travel, with plans to increase its use of sustainable aviation fuel (SAF) and reach total net zero for all greenhouse gas emissions.
From its base in South Florida, the company grew rapidly, adding service to Texas, California, South Carolina, the Northeast, and the Caribbean. At one point, it was the 13th-largest private jet operator in the U.S.
Verijet’s apparent success brought attention from major players in the airline industry, and in 2023 it signed a letter of intent to merge with a special-purpose acquisition company (SPAC) led by former Boeing CEO Dennis Muilenburg. The deal would have given Muilenburg a seat on Verijet’s board and taken the combined business public, but New Vista Capital opted to liquidate the SPAC rather than move forward.
Starting around that same time, Verijet was hit with lawsuits from customers who said they purchased “jet cards” for flights that Verijet canceled, delayed, and ultimately could not complete. The company maintained that its jet cards did not guarantee availability.
In September, Verijet founder and CEO Richard Kane died at 60. According to financial news website TheStreet, the carrier has not operated flights since Kane’s death.
Verijet has not announced the bankruptcy filing on its website. The company phone number listed there was not operational as of Monday morning.
