FLOAT Alaska LLC

FLOAT Alaska is now a post-sale, claims-administration and plan-emergence case, with operations already shut down and the docket focused on operating reports, claim objections, and a scheduled June 18, 2026 confirmation hearing. The seven-debtor aviation group filed Chapter 11 in Delaware on January 26, 2026 after its regional airline, charter airline, and FlyCoin loyalty businesses ran out of runway: Russian airspace closures undermined New Pacific’s transpacific strategy, the crypto downturn impaired FlyCoin, pilot attrition and route losses pressured Ravn Alaska, and a missed $315,187.50 charter payment contributed to a payroll shortfall and the November 26, 2025 cessation of operations and 115 layoffs, as described in the Hsieh first-day declarationDkt. 9.

The cases were filed around a liquidation or going-concern sale path rather than an operating reorganization. The debtors reported about $184,200 of cash at filing and a capital stack that included a $22.4 million aircraft-secured NFS/Jones position, roughly $11.3 million of Jones prepetition secured loans, more than $10 million of trade and convertible-note unsecured debt, and $22 million of insider/family-trust convertible notes in the Hsieh first-day declarationDkt. 9. Their proposed financing and sale process centered on a Jones-backed DIP with new money and a roll-up, marketing of the Boeing 757 aircraft and FAA Part 121 certificate, and March sale milestones; the creditors’ committee objected that the insider DIP and bid procedures risked transferring unencumbered estate value to Josh Jones while unsecured creditors remained out of the money, in the .