- Verijet filed Chapter 7, grounding operations after founder Richard Kane's death, leaving millions in prepaid jet-card funds unrecoverable.
- Court filings show $38.7M liabilities versus $2.5M assets; over $10.5M owed to jet-card customers, prompting numerous lawsuits.
- Analysts cite overexpansion and single-engine model risks; Verijet's collapse highlights wider 2025 aviation fragility and industry bankruptcies.
In a tough year for the aviation industry, another carrier has bitten the dust.
Verijet, a Florida-based private jet charter company that promised eco-friendly short-haul flights, has filed for Chapter 7 bankruptcy and canceled all operations, leaving customers high and dry with millions in prepaid fees hanging in the balance.
The move comes just weeks after the sudden death of its founder and CEO, Richard Kane, who passed away from a heart attack at the end of September 2025.
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Verijet was launched back in 2020 right in the middle of the Covid pandemic by Kane, then 60 years old.
The airline carved out a niche with its fleet of single-engine Cirrus SF50 Vision jets, focusing on regional routes across the U.S. and later expanding internationally to places like the Bahamas, Dominican Republic, Turks and Caicos, and the Cayman Islands by 2023.
At its peak that year, it ranked as the 13th-largest operator in the charter and fractional flight space in the country.
But things went south fast.
Court documents from the filing on October 9, 2025, in the U.S. Bankruptcy Court for the Southern District of Florida show the company had racked up over $38.7 million in liabilities against just $2.5 million in assets.
More than $10.5 million of that debt is owed to jet card customers—folks and businesses who’d prepaid for flights on an hourly or daily basis.
The bankruptcy filing spells liquidation, not reorganization, meaning Verijet isn’t looking to bounce back. Flights have been grounded since Kane’s death, and there’s no sign of them resuming.
Lawsuits Pile Up Amid Bankruptcy News
Customers are scrambling, with dozens of lawsuits already piling up from unhappy passengers, charter firms, aircraft lessors, and even ex-employees over undelivered services, constant delays, and outright cancellations.
One example: In March 2025, customer Sam Crigman shelled out $147,812 for a 50-hour jet card, only to sue in Miami-Dade County court after flights never materialized.
Another case saw Brandon Kruse win a $328,000 default judgment in April 2025 for similar issues.
In response to that ruling, Verijet stated that its “jet card program does not offer guaranteed service” and added that it had “taken this experience to heart and used it as a catalyst for positive change.”
By mid-2025, Verijet’s fleet had dwindled from around 20 Vision Jets to just a handful, with flight data showing minimal activity.
The company’s Part 135 certificate listed only a couple of jets still in play, one parked idle in Las Vegas since early 2024.
Analysts point to overexpansion and the risks of relying on a single-engine jet model as factors in its downfall, especially in a market that’s been brutal post-pandemic.
Verijet’s collapse isn’t happening in a vacuum—2025 has been a rough ride for airlines big and small.
Other Airlines Caught in Bankruptcy
Just last month, on September 29, Play Airlines, an Icelandic low-cost carrier, filed for bankruptcy and halted all flights immediately, blaming years of losses, sluggish ticket sales, and internal squabbles.
Travelers were left stranded across Europe and North America, with the airline’s shutdown adding to the chaos in transatlantic budget travel.
Earlier in the year, other carriers met similar fates. Ravn Alaska, Air Belgium, and Malaysia’s SKS Airways all ceased operations.
Even bigger names felt the pinch: Wizz Air shut down its Abu Dhabi branch, and Qantas pulled the plug on its Singapore operations.
Then there’s Spirit Airlines, which filed for bankruptcy in August 2025—its second time around—and has been slashing routes and laying off pilots.
As part of the proceedings, Spirit canceled a massive order for 52 Airbus A320neo planes on October 10, 2025, putting a dent in its growth plans.
United Airlines CEO Scott Kirby even took a jab at struggling rivals like Spirit, warning travelers not to book with them amid the uncertainty.
Adding to the industry’s woes, a potential U.S. government shutdown looms, which could further hammer bookings and operations.
Kirby noted that an extended shutdown would hurt United’s demand, highlighting how external factors are piling on the pressure.
The U.S. Department of Transportation has weighed in on these service cessations, advising passengers that while bankruptcy doesn’t always mean instant cancellations, getting refunds can be tricky—better to lean on credit cards or travel insurance for protection.
For Verijet specifically, the bankruptcy has opened doors for competitors.
Creatd’s Flyte, another player in the private aviation space, is eyeing expansion in the wake of Verijet’s fall, positioning itself as a more stable alternative with a tech-focused approach.
It’s a stark reminder of how quickly things can unravel in aviation, especially for upstarts betting big on innovation like Verijet’s “green air taxi” vision.
As more details emerge from the court proceedings, affected customers are urged to file claims, but recovery looks slim given the asset shortfall.
In a year that’s seen so many airlines fold, Verijet’s story underscores the fragile state of the sector, hit by rising costs, shifting demand, and unexpected tragedies.
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