Verijet Airlines files for Chapter 7 bankruptcy after CEO Richard Kane’s death, all flights canceled: What to know
Verijet Airlines, which amassed more than $38.7 million in liabilities, faced several lawsuits after its founder and CEO, Richard Kane, passed away.
Verijet, the 13th-largest private jet operator in the US, filed for Chapter 7 bankruptcy, according to Forbes. The filing comes less than a month after Richard Kane, the founder and CEO of the Florida-based charter and jet card operator, died of a heart attack.
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Verijet files for Chapter 7 bankruptcy
According to Forbes, a receiver overseeing Verijet filed for Chapter 7 bankruptcy last week. As per The Street, the Florida-based airline, which amassed more than $38.7 million in liabilities, faced several lawsuits after its founder and CEO, Richard Kane, passed away in September this year.
According to the outlet, the filing was submitted in the 11th Circuit of the United States Bankruptcy Court for the Southern District of Florida. Chapter 7 bankruptcy allows businesses to liquidate assets and pay off debts.
Verijet’s founder and CEO, Richard Kane, died on September 13. Kane’s wife, Allison Kane, confirmed the news about her husband’s passing via an email on September 19.
Richard Kane wanted to develop and grow a private jet service for his business in the US and Europe with the single-engine Cirrus Vision Jet, aka the SF50, at its center. Among others, Verijet has partnered with industry giants like IBM, AON, JETPUBS, and 4AIR.
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Other airlines that faced bankruptcy this year
Scandinavian airlines Play and Braathens Aviation abruptly closed operations this September as they faced high-profile bankruptcies. Ravn Alaska, Air Belgium, and SKS Airways in Malaysia also closed shop earlier this year, as per The Street.
Big guns like WizzAir and Qantas Airways also shocked travelers around the world as they closed their branches in Abu Dhabi and Singapore.
FAQs
What is the function of Chapter 7 bankruptcy?
Chapter 7 bankruptcy allows businesses to liquidate assets and pay off debts.
When did Verijet founder and CEO, Richard Kane, die?
Verijet’s founder and CEO, Richard Kane, died of a heart attack on September 13.
Who was Richard Kane, the founder and CEO of Verijet, married to?
Richard Kane, the founder and CEO of Verijet, was married to Allison Kane.
