Jet It, a US-based private aviation company, has filed for Chapter 7 bankruptcy, according to court documents.
The filing, made on 24 December, means the company will be liquidated and any remaining assets used to pay creditors.
The move was first reported by Private Jet Card Comparisons. In its filing, Jet It said that after administrative costs are covered, no funds are expected to be available for unsecured creditors.
Jet It was founded in 2018 by former Honda Aircraft executives Glenn Gonzales and Vishal Hiremath.
The company offered fractional aircraft ownership aimed at customers seeking lower-cost alternatives to traditional programmes. It initially operated HondaJets before expanding to other aircraft types.
The company ceased operations in May 2023, after operating a fleet of 21 HondaJets.
According to bankruptcy filings, Jet It listed assets worth just over $1.15m, compared with liabilities of more than $36.2m.
Cash and cash equivalents totalled around $156,000, while ground support and maintenance equipment was valued at about $220,000.
LoJet Holdings is listed as the only creditor with claims secured by property, amounting to $26.5m.
A number of aviation companies are among the largest unsecured creditors. These include FlightSafety International, Bank of Utah, Gogo, Rocket Fuel Labs and Embraer CAE Training Services.
Claims from fuel suppliers total nearly $1.5m, while maintenance providers account for more than $5.4m. Non-fleet charter services also make up a significant share of the outstanding debts.
The filing highlights ongoing financial pressures in the private aviation sector following rapid expansion during the pandemic and a subsequent slowdown in demand.