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.
