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One major element in almost every airline bankruptcy is the rejection by the debtor of its current collective bargaining agreements with employees. After satisfying certain requirements, bankruptcy law permits courts to approve the rejection of labor contracts by the debtor-employer. With this tool, airline managers reduce costs.
The budget airline filed for Chapter 11 bankruptcy protection in November, facing over $1 billion in looming debt payments and accumulating more than $2.5 billion in losses since 2020.
SEC says former Express CEO secretly took advantage of $1 million in company perks, including a private jet, as the company was sliding into bankruptcy Sasha Rogelberg December 18, 2024 at 1:49 PM
Superior Air Charter (previously JetSuite) is a private jet charter company [1] based out of Dallas, Texas. The company was founded in 2006 by Alex Wilcox. In 2008, the company was re-branded from Magnum Jet after a push from financial backers. [2] [3] Wilcox is CEO of the company. [4]
2009. Eclipse Aviation, the Albuquerque, New Mexico-based manufacturer of the Eclipse 500 very light jet and the company that was developing the Eclipse 400 single-engine jet, was founded in 1998 by former tech industry executive Vern Raburn and entered bankruptcy on 25 November 2008.
Spirit Airlines said Monday it has filed for Chapter 11 bankruptcy protection after struggling with losses, growing debt and a failed merger during the post-pandemic travel lull.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. [2] It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. [3] Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile ...
A Chapter 7 bankruptcy (or BK, as we call it) would eliminate most or all of their debts and they would get a clean slate. No litigation client ever wrote me a thank-you note, but plenty of my ...
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