Verijet Airlines files for Chapter 7 bankruptcy after CEO Richard Kane’s death, all flights canceled: What to know
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. Verijet Airlines filed for Chapter 7 bankruptcy after CEO Richard Kane’s death.(Representative image/Unsplash) Verijet files for Chapter 7 bankruptcyAccording 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 Drict 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. Also read: Huntington Beach helicopter crash: Five injured including child in tragedy near California beach Other airlines that faced bankruptcy this yearScandinavian 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. FAQsWhat 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.
