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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.
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]
Without approval to pay for a bid and hopefully create an action, Burtch indicated that he would "most likely be forced to abandon or liquidate the Eclipse Assets on a piece meal basis." [10] [11] [12] The Chapter 7 sale hearing was heard in federal bankruptcy court on 20 August 2009, with Eclipse Aerospace as the sole and winning bidder.
NEW YORK (AP) — Spirit Airlines, the largest budget carrier in the U.S., filed for Chapter 11 bankruptcy protection Monday. The airline said customers should not see any disruption to their ...
Spirit Airlines could end up in bankruptcy and be forced out of business because of a federal court decision to block a proposed sale to JetBlue Airways, according to a note from an airline analyst.
VeriJet's flagship Cirrus Vision Jets are among the most affordable in the world while still offering the luxury accompaniments of private aviation.
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