Story ID: 
Pittsburgh-area FBO Files for Bankruptcy Protection
By: Curt Epstein
Caption: Vantage Aviation is poised to acquire its assets
Word Count: 263
Corporate Air, an FBO and aircraft charter/management provider at Pittsburgh-area Allegheny County Airport (KAGC), has declared bankruptcy. While it undergoes Chapter 11 restructuring, Vantage Aviation will act as plan sponsor and provide financial support to keep Corporate Air in operation with no impact to the employees jobs, salary, or benefits. Customers and vendors can expect no further interruptions to the business, according to a statement from both companies.
The Corporate Air facility includes more than 110,000 sq ft of hangars that can accommodate the latest ultra-long-range business jets, as well as 20,000 sq ft of terminal and office space.
Vantage, founded by industry veteran Ryan Maxfield and backed by Jadian Capital, made its debut as an FBO brand last year. It has already acquired five facilities, with a sixth under construction. Upon approval by the U.S. Bankruptcy Court for the Western District of Pennsylvania, Vantage expects to become Corporate Air’s new equity holder.
The Allegheny County Airport Authority unanimously approved the conditional assignment of the 20-plus-year remainder of the ground lease for the Corporate Air facility, conditional upon Vantage being named the equity holder of the company. The bankruptcy proceedings could last for up to 90 days, with the next hearing scheduled for October 22.
“Vantage Aviation is proud to stand alongside Corporate Air through this process,” said Vantage founder and CEO Ryan Maxfield. “With our financial strength, scale, and proven track record in aviation services, we are committed to ensuring Corporate Air’s success and future growth as part of our expanding network.”