Greensboro-based private aviation company Jet It has filed for Chapter 7 bankruptcy, opting for liquidation rather than restructuring, nearly two years after grounding all of its flights.
Court filings cited by TheStreet show the airline accumulated more than $36.2 million in liabilities after launching in 2022 with a business model centred on selling fractional ownership in HondaJet aircraft. The filing lists roughly $9.7 million in unsecured claims.
At its peak, Jet It operated charter and fractional services and logged more than 18,000 flight hours annually, ranking as the 12th-largest private jet operator in the United States, according to Forbes. The company, however, abruptly ceased all operations in May 2023, and its air operator's certificate was revoked by regulators earlier this month.
TheStreet reported that surging jet fuel prices and a shrinking customer base contributed to the carrier's financial collapse. Among its major creditors are World Fuel Services, which is owed $735,695, and American Express, with claims of about $600,000.
FlightSafety has also said it is owed $400,981 for unpaid pilot training services, with a number of smaller creditors listed in the bankruptcy filing as well.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.