Corporate Air (Pittsburgh Allegheny County) and its six affiliates filed for Chapter 11 bankruptcy restructuring at the US Bankruptcy Court for the Western District of Pennsylvania on September 29, 2025. The business charter and FBO company hopes to use the procedure to finalise a pre-arranged sale to Vantage AGC.

Vantage AGC is currently the second-largest secured creditor of Corporate Air, having provided it with a USD2 million prepetition bridge loan earlier this year. The funding allowed the operator to partially settle its debt to Pittsburgh Allegheny County (although it still has an unsecured debt of USD184,000 to the airport manager) and avoid the termination of real estate leases.

Corporate Air is now seeking approval to secure an additional USD4.5 million from Vantage AGC in debtor-in-possession funding. It also wants the use of cash collateral of its two other major secured creditors, Huntington National Bank (USD2.6 million claim) and US Small Business Administration (USD473,000 claim dating back to a COVID-era loan the operator received).

The company reported between USD10 million and USD50 million in liabilities at the time of the filing. Its six largest unsecured claimants are related to ongoing litigation, with the list topped by a Pittsburgh tech entrepreneur, Francois Bitz, who holds a litigation claim of USD3.4 million. The largest unsecured trade debtors are Honeywell Aerospace (USD373,682.19) and World Fuel Services (USD354,933.27).

If the restructuring goes through as planned by the operator, it will emerge from Chapter 11 under new ownership and with a cleaned-up balance sheet. Corporate Air is currently wholly owned by CAM Investments.

Omni Agent Solutions has been appointed as the claims agent for Corporate Air.

Corporate Air currently operates one Citation II, one Citation X, and one G280. It downsized its fleet markedly last year, retiring three long-range Gulfstream Aerospace aircraft.