Corporate Air Seeks Chapter 11 Protection Amid Sale

Corporate Air, a business charter and FBO operator based at Pittsburgh Allegheny County Airport, has filed for Chapter 11 bankruptcy restructuring alongside six affiliated companies. The filing, made on September 29, 2025, with the US Bankruptcy Court for the Western District of Pennsylvania, is intended to support a pre-arranged sale to aviation investment firm Vantage AGC.

Vantage AGC, already the company’s second-largest secured creditor, had earlier provided a USD2 million bridge loan that helped Corporate Air settle part of its debts and avoid lease termination at its Pittsburgh base. The firm is now seeking court approval to access an additional USD4.5 million in debtor-in-possession financing from Vantage, alongside approval to use cash collateral tied to Huntington National Bank and the US Small Business Administration.

At the time of filing, Corporate Air reported liabilities between USD10 million and USD50 million. The largest unsecured claim—USD3.4 million—comes from a litigation case involving Pittsburgh entrepreneur Francois Bitz. Major trade creditors include Honeywell Aerospace, owed USD374,000, and World Fuel Services, owed nearly USD355,000.

If restructuring proceeds as planned, Corporate Air will emerge under Vantage AGC’s ownership with a restructured balance sheet. Currently owned by CAM Investments, the company has significantly downsized its fleet over the past year, retiring three Gulfstream aircraft. Its active fleet now includes one Citation II, one Citation X, and one Gulfstream G280.

Omni Agent Solutions has been appointed as claims agent to oversee creditor submissions during the restructuring process.

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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com