FLOAT Alaska remains in a post-confirmation, pre-effective-date posture, with plan-sponsor funding still unresolved and the debtors working either to secure the contemplated contribution or identify an alternative sponsor, as described in their late-July removal-deadline extension motionDkt. 459.
The seven-debtor aviation group filed chapter 11 on January 26, 2026, after its operating businesses had already shut down. The first-day declarationDkt. 9 attributes the collapse to the closure of Russian airspace, which impaired New Pacific Airlines’ transpacific strategy; disruption in crypto markets and banking relationships affecting FlyCoin; severe pilot attrition and route contraction at Ravn Alaska; and loss-making charter operations. A missed $315,187.50 payment from Private Jet Services then created a payroll shortfall, prompting the debtors to cease all operations and lay off 115 employees on November 26, 2025. They entered bankruptcy with no employees and at least $47.6 million in funded debt, including first-lien aircraft and other secured obligations owed to Jones Holding and unsecured convertible notes held by Josh Jones and family trusts.
The cases opened on a section 363 sale track for the Boeing 757 fleet, the FAA Part 121 certificate and other aviation and technology assets, supported by insider financing from Jones Holding. The unsecured creditors’ committee challenged the proposed liens, roll-up and accelerated sale timetable, arguing that the package swept unencumbered estate assets into the insider lender’s collateral and could chill competing bids through credit-bid rights in its DIP and bid-procedures objectionDkt. 71. The court nevertheless entered a final DIP financing orderDkt. 123 authorizing $3.33 million of new money and a corresponding $3.33 million roll-up, subject to negotiated committee protections, and imposing sale milestones through late March. The case subsequently moved to a confirmed plan, but implementation now depends on resolving the sponsor contribution. The next identified court date is August 25, 2026, on the debtors’ request to extend their deadline to remove civil actions to October 26; objections are due August 7.
