This Florida-Based Airline Just Filed For Bankruptcy – Here's What Happens Next

Verijet, a private jet operator based in Kissimmee, Florida, may not be as well-known as Pan Am or TWA, but it joined their ranks as a now defunct airline. It's a common theme in the cutthroat airline industry. Pan American World Airways was such a legendary airline that ABC devoted an entire TV series to dramatizing it and its iconic flight attendants, yet still Pan Am went bankrupt in 1991. TWA, or Trans World Airlines, filed for bankruptcy protection twice before being absorbed by American Airlines. One that many readers may remember, Continental Airlines, also filed for bankruptcy before finally merging with United Airlines in 2010. 

Deregulation and accidents helped some of these limp toward their demise, and now this tough industry has claimed another victim. Verijet filed for Chapter 7 bankruptcy protection in October 2025 after rapid growth, a failed expansion, and legal woes. There are different types of bankruptcies, two of which you've likely heard in the news before: Chapter 11 calls for a reorganization to keep the business going and pay off debts. Chapter 7, on the other hand, is for companies with so much debt, they have no chance to repay it. It calls for liquidation, and the company will cease to operate.

Verijet, which launched in 2020, reportedly has almost $40 million in debt. Its founder, Richard Kane, passed away just weeks before the company declared bankruptcy, and now it has canceled all flights and left customers in limbo; with some losing thousands of dollars.

Verijet offered limited flights on one type of plane: a single-engine Cirrus Vision Jet, or SF50. While it hoped to eventually offer flights across the U.S. and in Europe, at the time it ceased operations, Verijet was flying passengers from Florida to the Bahamas, the Dominican Republic, Turks and Caicos, and the Cayman Islands. It also offered services in California, Texas, other parts of the Northeast, and Canada.

The SF50 is a small plane, seating only three to five passengers at a time. It's so small that it doesn't offer bathroom facilities, and is not as luxurious as other types of private jets. However, Verijet operated on the principle that a short flight was a better choice than a long drive, and a better value than more expensive, commercial airlines. In addition to charter flights, Verijet also sold jet cards. This model offered prepaid flight hours in 25, 50, or 100 hour increments, starting at $125,000 for 25 hours of flight time.

When it filed for bankruptcy, Verijet had $2.5 million in assets, compared to $38.7 million in debts. There are 81 individuals or companies with $10.5 million in unused flight hours, and they will very likely never recoup their funds. Several lawsuits were filed against the company in recent years, and its fleet had diminished to only three airplanes. The company's minimal assets will now be liquidated to help pay off its debts.