Voyager is in post-confirmation administration, with the reorganized debtors still filing quarterly reports and no final-decree date set as of the quarter ended March 31, 2026. The case began on July 27, 2023, when Voyager Aviation Holdings filed chapter 11 after a capital structure centered on senior secured notes and aircraft financing facilities became unsustainable amid airline-market disruption, rising rates, covenant defaults, audit issues, and the effective loss of two aircraft leased to AirBridge Cargo following the Russia-Ukraine war, as described in the Del Genio first-day declarationDkt. 16.
The debtor entered bankruptcy with a prearranged path built around an asset sale and plan process rather than an open-ended operating restructuring. The first-day declaration described a global aircraft lessor with 18 aircraft, 13 employees, and a sale transaction with Azorra for substantially all assets at a stated $743.5 million value after a marketing process involving more than 60 potential bidders; it also reported support from holders of 77% of secured notes and 71% of equity for the restructuring path in the Del Genio first-day declarationDkt. 16. The plan disclosure materials then carried that negotiated restructuring forward through a joint chapter 11 plan framework for Voyager and its affiliates, including treatment of the senior secured notes and aircraft-financing obligations identified in the Disclosure StatementDkt. 51.
The current posture is cleanup under the confirmed plan, not sale marketing or plan solicitation. Voyager’s latest post-confirmation report says the company remitted the remaining $115,607.21 reserve amount to the insurer representative during the January 1 through March 31, 2026 quarter, that professional fees and certain Voyager claims were paid from Voyager Aviation Aircraft Leasing accounts, and that the report was not final because the expected application date for a final decree remained unknown in the . The affiliate report filed the same day repeats the same posture for Voyager Aviation Management Ireland, confirming the estates remain in post-confirmation reporting mode under the March 18, 2024 Second Modified Second Amended Joint Chapter 11 Plan rather than at case closure in the .