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Avenger Flight Group Topco, LLC has voluntarily filed for Chapter 11 bankruptcy, signaling a major restructuring effort after selling a majority stake in its Warsaw pilot training center. The filing was submitted Feb. 11 in the U.S. Bankruptcy Court for the District of Delaware, according to court records on PACER.

The proceedings include 20 affiliates, among them Avenger Flight Group, LLC, AFG Dallas, LLC, Avenger Flight Training, LLC, and AFG EU Operations Corp., all of which submitted voluntary Chapter 11 petitions in Delaware.

A Global Training Network Under Pressure

Founded in 2013 in Fort Lauderdale, Florida, Avenger Flight Group operates 12 training centers across six countries. Its Full Flight Simulator (FFS) services cater to ultra low-cost carriers as well as major airlines across the U.S., Mexico, South America, and Europe.

In July 2025, the company sold a 55% stake in its Warsaw pilot training center to Enter Air, which also assumed the simulator financing. The deal was part of Avenger Flight Group’s strategic shift as it navigates debt restructuring and global market challenges.

Previously, in July 2021, the company secured a $155 million senior credit facility from Marathon Asset Management LP, aiding debt repayment and growth capital during pandemic-related disruptions in the aviation sector.

Leadership Changes Signal New Direction

Recent months have also brought leadership changes. Marc Sullivan was appointed CFO on Feb. 10, bringing extensive financial experience in both public and private organizations. In March 2025, Hooman Yazhari became Chairman, leveraging 25 years of executive and legal expertise across aviation and finance sectors.

“These leadership changes, alongside the Chapter 11 filing, aim to provide a global perspective and stabilize the company’s financial footing,” court documents state.

Context in Aviation Bankruptcy Trends

Chapter 11 filings have become increasingly common among U.S. aviation companies facing rising operational costs. Kachina Air, Inc. filed in October 2025 amid soaring fuel prices, and Cincinnati-based Aerospace, Inc., a 79-year-old family-owned firm, sought bankruptcy relief in September 2025 owing hundreds of creditors.

Avenger Flight Group Topco, LLC currently lists 49 creditors, with court documents detailing the 30 largest unsecured claims, a corporate ownership statement, and a list of equity holders. Mary F. Caloway of Pachulski Stang Ziehl & Jones LLP represents the company, while Lawrence Perkins serves as the authorized Chief Restructuring Officer.