Aspen Jetride goes bankrupt
Aspen, CO Colorado
ASPEN, Colorado ” Aspen Jetride filed for Chapter 7 bankruptcy Friday, marking the latest fallout for the upscale charter service with local roots.
The Arksanas-based firm listed its assets as $3.8 million and its liabilities as $46 million.
The Chapter 7 filing means Aspen Jetride plans to liquidate. The bankruptcy comes after Aspen Jetride relinquished its flight operation certificate Nov. 3.
Last year, Aspen Jetride took over operations for Aspen Executive Air (AEXJet), a high-end charter service that flew out of Aspen nonstop to such markets at New York, San Francisco and Chicago, among others. AEXJet filed for Chapter 11 bankruptcy protection in September 2007.
Meanwhile, Aspen Jetride’s bankruptcy petition says it owes $8.55 million to Iberia Bank of Louisiana and nearly $7.5 million to Chicago billionaire John Calamos Sr., who had been brought in as a partner in the company.
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Its local creditors include the Aspen Daily News ($5,991), Aspen Magazine ($14,097), Aspen Peak ($6,500), Stanley and Judith Hoffberger ($73,184) and Total Merchant Services ($1,601).
The petition was filed in the U.S. Bankruptcy Court in the Western District of Arkansas.