October 20, 2025
Jet It’s bankruptcy filing shows the grounded HondaJet fractional operator has $36.2 million in liabilities and only $1.1 million in assets.
More than two-and-a-half years after shuttering operations, Jet It has filed for Chapter 7 bankruptcy.
The 111-page filing was made with the United States Bankruptcy Court for the District of Delaware on Dec. 24, 2025.
The filing shows $36.2 million in liabilities.
$9.7 million of what it owes are unsecured claims.
A full copy of the filing can be downloaded at the end of this article.
Jet It launched in 2018 with a HondaJet fractional program.
It marketed rates of $1,600 per hour, although that didn’t include monthly management fees or the cost of ownership.
By 2022, it had become the 12th-largest private jet operator in the U.S. based on charter and fractional flight hours.
From 2021, when it ranked 21st, it increased flight hours from 11,290 to 18,500.
At the time of its grounding, Jet It had also expanded to Canada and Europe.
It is the second former top-15 operator to file for Chapter 7 this year.
In October, Cirrus SF50 operator Verijet filed for Chapter 7 bankruptcy.
Like Jet It, it used a formula of low prices to spur fast growth.
At its peak, the 2020 start-up ranked as the 13th-largest U.S. operator based on charter and fractional flight hours in 2023.
Last year, Volato ceased its HondaJet fractional and jet card programs.
A 2021 start-up, it ended 2023 ranked 16th-largest after a 137% year-over-year gain in flight hours.
It still operates its Vaunt empty-leg program, although it has a pending deal to sell that and other aviation assets to FlyExclusive.
Its Q3 financials showed $300,000 in outstanding jet card liabilities.
That was down from $4.1 million in jet card deposits owed at the end of Q2.
READ: What happens to your jet card and private jet membership deposits?
There are over 200 unsecured creditors, according to the filing.
American Express is owed over $600,000.
A multitude of business service providers, including other operators, are listed as creditors.
World Fuel Services was owed $735,695 for jet fuel; EPIC Card Services LLC was owed $526,568; and Jetex Flight Services was owed $150,487 for the same.
Berkshire Hathaway unit FlightSafety was never paid $400,981 for pilot training.
Carolina GSE is owed $170,969 for tooling.
Honeywell is owed $607,687 for aircraft maintenance and parts.
Dallas-based Aero Star is out $122,208, while Cutter Aviation was owed $62,366, also for maintenance and parts.
The defunct operator owed Des Moines Flying $138,029 for similar services.
Rockwell Collins wasn’t paid $128,185.
Keystone Aviation, now part of Elevate Aviation Group, took a similar hit for $143,911.
Agile Premium Finance is out $245,768 for aircraft insurance.
DGDean is owed $394,923 for business software.
Allegheny County Airport Authority was never paid $15,386 for aircraft storage.
Gogo is owed $227,775 for aircraft WiFi.
Both Gulfstream and Embraer are owed over $200,000 each for various services, including maintenance.
JSSI is owed $227,748 for engine programs.
READ: Jet It Lessons: What happens when your private jet provider fails?
Other credits include charter operators that performed off-fleet flights.
Northern Jet is owed $17,600.
Houston-based American Jet was never paid $56,798.
Colorado-based ASI is out $17,755.
North Carolina-based BellAir lost $24,602.
Oklahoma-based Brazos Valley Air Charter is out $20,508.
Michigan’s Business Jet Manager is owed $43,500.
The former fractional owes Virginia-based Century Jets $33,900.
Coleman Jet is due $17,726.
Premier Private Jets was never paid $27,893.
Vista Global’s Red Wing is owed $16,500.
Pittsburgh Jet Center, part of Jets.com, was never paid $16,840.
FlyExclusive is due $4,160.
Arizona-based Sawyer Aviation is owed $29,788 for off-fleet charters.
READ: The best private jet solution for you? Beware of this false choice
Magellan Jets is owed a $40,000 refund for charter flights paid but not flown, while Stratos Jet Charters is out $15,580.
Part of the Jet It model was to use its fractional fleet for charter flights when owners weren’t flying their shares.
There was also an unpaid $24,000 fine due to the Federal Aviation Administration.
Rocket Fuel Labs is owed $207,248, and Cision U.S. is out $32,718, both for public relations and marketing.
The operator also owed back rent to The Dixie Building, LLC, in Greensboro, North Carolina, totaling $176,244.
There was an unpaid $1.57 million loan via the Bank of Utah.
Jet It has $1.16 million in assets, per the filing, including accounts receivable.
The company has $155,964 in cash and cash equivalents.
It also lists $874,172 in CARES Act credits from 2021.
It lists a potential breach-of-contract suit against Honda Aircraft Company, which it estimates could be worth $100 million.
In a November 2022 letter to fractional owners, CEO Glenn Gonzalez called the OEM’s support and reliability of its very light jets “not just disappointing, but shocking.”
He said the HondaJet’s lack of reliability cost it over $20 million in off-fleet expenses.
However, the Chapter 7 filing adds, “a previous settlement may prevent legal pursuit of claim.”
The filing also shows ownership of the former fractional private jet operator.
New York-based LoJet Holdings, LLC, is described as an investor with a 44.3% interest in Jet It.
LoJet is the only secured credit listed.
It is owed $26.5 million, per the filing.
Co-founder Gonzalez held 26.8%, while Vishal Hiremath held 20.1%.
Locksetp Ventures Fund I, L.P. held 5.5%, while Microrapter, LLC, and Wyandanch Partners, L.P. each had 2.75% interests.
DOWNLOAD: Jet It Chapter 7 Bankruptcy Filing
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