An Industry Pattern Emerges
In October, Verijet — another operator built around aggressive pricing — also sought Chapter 7 protection. The Cirrus SF50 operator peaked in 2023 as the nation’s 13th-largest charter and fractional provider.
Other aviation startups have stumbled as well. Volato, founded in 2021, exited its HondaJet fractional and jet card programs last year after ranking 16th nationally following a 137% year-over-year increase in flight hours. Volato continues operating its Vaunt empty-leg program, though it has a pending deal to sell that and other assets to FlyExclusive. Its third-quarter financials showed $300,000 in jet card liabilities, down sharply from $4.1 million at the end of the prior quarter.
Creditors Line Up
Jet It’s bankruptcy filing lists more than 200 unsecured creditors, ranging from fuel providers and maintenance firms to software vendors and charter operators.
American Express is owed more than $600,000. World Fuel Services claims $735,695 for jet fuel, while EPIC Card Services LLC is owed $526,568 and Jetex Flight Services $150,487. Berkshire Hathaway subsidiary FlightSafety is listed with an unpaid $400,981 bill for pilot training.
Maintenance and parts creditors include Honeywell at $607,687, Aero Star at $122,208, Cutter Aviation at $62,366, Des Moines Flying at $138,029, Rockwell Collins at $128,185, and Keystone Aviation — now part of Elevate Aviation Group — at $143,911.
Additional debts span aircraft insurance, software, storage, and connectivity services. Gogo is owed $227,775 for inflight WiFi, Agile Premium Finance $245,768 for insurance, and DGDean $394,923 for business software. Allegheny County Airport Authority is listed for $15,386 in unpaid storage fees.
Both Gulfstream and Embraer are owed more than $200,000 each, while JSSI claims $227,748 for engine programs.
