Defunct Air Taxi Operation Files Chapter 7 In Florida Court

ANN REALTIME REPORTING 11.18.08 1800 EST: Confirming statements made to ANN over the past several days from a number of sources, Aero-News has obtained court documents from a filing for Chapter 7 liquidation made last Friday afternoon by now-defunct air taxi operator DayJet.

An initial review of the bankruptcy documents by ANN shows DayJet Corporation, DayJet Leasing LLC and DayJet Services LLC as Debtors in the filing. Those entities claim $3,277,180.47 in assets, versus $3,871,666.51 in liabilities.

Over 60 pages of unsecured creditors are listed in the court documents. The largest claims filed include approximately $1.2 million owed to Eclipse Aviation, manufacturer of the Eclipse 500 very-light jets operated by DayJet, along with another $312,000 owed to Eclipse's training operation. Enginemaker Pratt & Whitney Canada is owed approximately $225,000.

Former DayJet employees filed for over $260,000 in wages, salaries and commissions owed.

Aero-News has also obtained documentation from a September 15 meeting by the Board of Directors at DayJet, in which several last-ditch efforts to remain in operation were discussed. Options included a plea for a bridge loan from the current investors in DayJet...  a merger with air taxi operator Linear Air... and even a loan from Eclipse.

The possibility of filing for Chapter 11 bankruptcy was also discussed... but the Board determined the company did not have enough funds available to file for reorganization.

As ANN reported, DayJet subsequently shut down all operations September 19.

Aero-News will continue to analyze the court documents, and will provide additional details as they become available.

FMI: www.dayjet.com, www.uscourts.gov