Jet ICU unaffected by Jet ICU Leasing bankruptcy
Jet ICU Leasing, Inc. of Ozona, Florida, US, filed for bankruptcy on 10 October 2013. Jet ICU Leasing was set up to purchase aircraft that were then leased to Jet ICU. However, Jet ICU ceased to lease aircraft from Jet ICU Leasing near the end of the first quarter of 2012. The recent bankruptcy filing of what is a separate company therefore has no effect on Jet ICU’s operations.
According to court documents, Jet ICU Leasing, Inc. of Ozona, Florida, US, filed for bankruptcy on 10 October 2013. The firm completed a voluntary petition for Chapter 11 bankruptcy with the US Bankruptcy Court, Middle District of Florida.
The petition, signed by Fred Judy, owner of Jet ICU Leasing, states that the debts are primarily business-related. The firm’s assets and liabilities are both listed as between $1 million and $10 million.
A list of creditors holding the 20 largest unsecured claims connected to the filing comprises Brandis Aircraft, which has a claim of $33,000, Unbehagen Advisors, with a claim of $2,000, and Worldwide Aircraft Services of Brooksville (which does business under the name of Jet ICU), with an unknown claim value.
Clarifying the relationship between the two similarly named companies, Michael Honeycutt, founder and CEO of fixed-wing air ambulance provider Jet ICU, told Waypoint that Jet ICU Leasing was set up to purchase aircraft that were then leased to Jet ICU. However, Jet ICU ceased to lease aircraft from Jet ICU Leasing near the end of the first quarter of 2012. ‘The recent bankruptcy filing of what is a separate company therefore has no effect on Jet ICU’s operations’, he said.