Heavy Debt, Secured by Jets
FLOAT entered Chapter 11 carrying $22.4 million in secured debt under a 2025 term loan from NFS Capital LLC, backed by liens on three Boeing 757 aircraft and multiple engines. Just before the filing, entities tied to investor Josh Jones, who provided seed funding when FLOAT was founded in 2019, acquired that debt.
Over the past year, Jones also extended $11.3 million in additional secured financing to keep the airline afloat, covering payroll and essential operating costs. Beyond that, FLOAT lists $10 million in unsecured trade debt and $22 million in unsecured convertible notes, most of it held by Jones and his affiliates.
Jones-backed entities are now supplying $3.2 million in debtor-in-possession financing and have agreed not to enforce remedies tied to secured debt defaults — including repossessing the 757s — while the case proceeds. The new funds are intended to support a sale process, with management aiming to find a buyer willing to acquire the business as a going concern.
