A Verijet Cirrus SF50 G2+ Vision Jet. [Courtesy: Verijet]
Key Takeaways:
Florida-based charter carrier Verijet has filed for Chapter 7 bankruptcy, initiating a process of liquidation that will end its five years in operation.
The company, which had rapidly grown to be the 13th-largest private jet operator promoting itself as a "green alternative," reported liabilities significantly exceeding its assets.
Verijet's collapse follows a failed merger with a SPAC, customer lawsuits over unfulfilled "jet card" services, and the death of its founder and CEO, Richard Kane, after which flights ceased.
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.
