A Verijet Cirrus SF50 G2+ Vision Jet. [Courtesy: Verijet]
Key Takeaways:
Florida-based charter carrier Verijet has filed for Chapter 7 bankruptcy, initiating liquidation after approximately five years in operation.
The company, which grew rapidly to become the 13th-largest private jet operator and promoted itself as a "green" alternative, had liabilities significantly exceeding its assets.
Verijet's downfall followed the collapse of a planned merger with a special-purpose acquisition company (SPAC) and a series of customer lawsuits regarding canceled flights.
All flights ceased after the death of Verijet founder and CEO Richard Kane in September.
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.
