Verijet files chapter 7 bankruptcy after CEO Kane’s death; private jet operator collapses amid $38.7M liabilities and legal turmoil

Verijet, a Florida-based private jet charter operator, has filed for Chapter 7 bankruptcy, signaling the end of its rapid rise in the aviation industry. The company, which began operations in 2020 and quickly became the 13th-largest private jet operator in the US, is now facing liquidation following the sudden death of its founder and CEO, Richard Kane, on September 13, 2025 due to a heart attack. Unlike Chapter 11, which enables a company to reorganize and continue, Chapter 7 provides a means to liquidate assets and pay off debts.

Kane had envisioned deploying the single-engine Cirrus Vision Jet, or SF50, to provide widespread private jet service across the US and eventually Europe, offering travelers more affordable access to private air travel.

State of the art technology

The jet, capable of being operated by a single pilot, features an advanced auto-landing system that can safely land the aircraft at the push of a button if the pilot becomes incapacitated. Depending on its configuration, it accommodates three to five passengers. Although it lacks a restroom, Kane believed the aircraft could replace long car journeys and serve as a more cost-effective option compared with other private jets.

Verijet initially offered jet card buyers hourly rates starting at $2,500, over 40 percent cheaper than very light jets like the Embraer Phenom 100 or the Honda Aircraft HA-420 HondaJet. Starting with flights within 600 nautical miles of Orlando, Florida, Kane later expanded the service to cover California, Texas, the Northeastern US, and Canada.

Legal challenges

By the end of 2022, Verijet was ranked 30th among Part 135/91K operators in North America. The company financed its expansion primarily through the sale of jet cards, which promised fixed rates but did not guarantee availability, requiring customers to remain flexible. However, rapid growth was accompanied by a string of legal challenges, including lawsuits from aircraft lessors, employees, vendors, and consumers.

Customers who purchased non-refundable jet cards claimed in legal filings that frequent flight cancellations rendered their cards effectively useless. In 2023, Kane briefly stepped down as CEO before returning to lead the company several months later.

Verijet revealed a non-binding letter of intent in 2023 to merge with a SPAC led by former Boeing CEO Dennis Muilenburg, which would have taken the company public. However, just weeks later, the SPAC’s shareholders opted to liquidate the fund.

Upon returning to his CEO position, Kane claimed to have secured a significant investment from Delaware-based Solaino.

Kane said at the time, “Solaino’s initial infusion of $85 million of working capital into Verijet empowers and advances our efforts in the journey toward decarbonizing and democratizing private travel and business expansion,” adding, “This initial capital injection from Solaino positions Verijet for accelerated development, market expansion, and enhanced innovation across the industry. This partnership leverages the financial acumen and global reach of Solaino to empower Verijet’s ongoing mission to drive technological advancement and redefine aviation industry standards.”

In 2024, Kane indicated he was pivoting part of the business toward medical flights and had signed a memorandum of understanding with a family office representing First Nations in Canada. He also alleged that a former board member was attempting to force the company into bankruptcy as part of a takeover scheme.

Court records revealed that the company had no cash across multiple bank accounts, with its largest asset being an insurance claim valued at over $2.4 million. Aside from that, the only other listed asset was approximately $200 in furniture stored at a Public Storage facility in Sanford, Florida.

Verijet carried $38.7 million in liabilities, including numerous judgments, a $58,465 civil contempt order against Kane, and $10.5 million in unused jet card deposits from more than 80 customers, 39 of whom had balances exceeding $100,000.

In appointing the receiver, Judge Migna Sanchez-Llorens wrote, “Verijet, Inc. and Richard Kane knowingly or recklessly failed to provide complete and current information and records to which the judgment creditor was entitled.”