DayJet Corp. Files for Chapter 7 Bankruptcy

According to the Contra Costa Times, DayJet Corp is filing for Chapter 7 Bankruptcy.  DayJet is an "on-demand" regional airline that connects secondary markets.  The airline sought protection from various creditors after it could not obtain the additional financing it needed to maintain functionality, which led to a cease in overall operations.

DayJet Corp. is based in Boca Raton, Florida and it has listed its debt at $23.1 million and assets at $17.2 million.  These figures can be found in the chapter 7 documents the company filed on November 14th in a U.S. Bankruptcy Court in Wilmington, Delaware.

When a company files for Chapter 7 Bankruptcy, it must be compliant with Chapter 7 Bankruptcy code, which means that a trustee will automatically be appointed to liquidate the company's assets and distribute to creditors.

On September 19th, DayJet said that it would have to shut down operations and lay off most employees.  The company said the cuts were "a direct consequence of the company's inability to arrange critical financing in the midst of the current global financial crisis."

DayJet was founded in 2002 and specialized in connecting airline passengers to smaller regional hubs.  DayJet said that it had nearly 2,400 passengers in its membership base and that it served over 60 locations.

DayJet Corp. owes $19.2 million to its creditors.

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