The private jet operator, Jet It, has filed for Chapter 7 bankruptcy over 2 and a half years after closing its operations.
The filing was made with the Bankruptcy Court for the District of Delaware on Dec. 24 and shows $36.2 million in liabilities. $9.7 million of what it owes are unsecured claims. The company started in 2018 with a HondaJet fractional program, but was the 12th-largest private jet operator in the U.S. based on charter and fractional flight hours by 2022, according to Private Jet Card Comparisons. Jet It decided to ground its fleet in 2023 during heavy tension with HondaJet after calling out safety concerns after 10 runway incidents involving a HondaJet HA-420 aircraft in just 15 months. After this news broke, it was reported that the company had had issues flying customers and furloughed workers. Just days after grounding its fleet and reports of furlough, Jet It sent a letter to employees that their jobs were terminated and the company was closing.
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The company still operates its Vaunt empty-leg program, although it has a pending deal to sell that and any aviation assets to FlyExclusive. It has over 200 unsecured creditors, including American Express, World Fuel Services and Honeywell, according to the USA Herald.
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