Avenger Flight Group Topco, LLC has voluntarily filed for a Chapter 11 bankruptcy. The Fort Lauderdale-based airline training provider filed for bankruptcy months after selling a majority stake in its Warsaw pilot training center.
Avenger Flight Group Topco, LLC Enters Chapter 11 Bankruptcy
According to court records available on PACER, Avenger Flight Group Topco, LLC submitted its Chapter 11 petition on February 11. The proceedings of the airline training provider are taking place in the U.S. Bankruptcy Court for the District of Delaware.
Court filings show that 20 affiliates of Avenger Flight Group Topco, LLC, also filed voluntary petitions for relief under Chapter 11 in the same court. Some of these are Avenger Flight Group, LLC, AFG Dallas, LLC, Avenger Flight Training, LLC, and AFG EU Operations Corp.
Company Background
Avenger Flight Group has been offering airline training services since its establishment in 2013 in Fort Lauderdale, Florida. As of now, it has a portfolio of 12 owned and operated training centers across 6 countries.
Diverse customers of Avenger Flight Group use its Full Flight Simulator (FFS) training, which includes Ultra Low-Cost carriers and major airlines in the U.S., South America, Mexico, and Europe.
Stake Sale, Leadership Changes, and Other Strategic Shifts
According to CRIDO press release, Avenger Flight Group gave away a majority stake of 55% in its pilot training center located in Warsaw to Enter Air. This transaction from July 2025 also included the repayment of the then-simulator financing. The buyer in the deal was a part of the Enter Air group, a Poland-based private charter airline.
In July 2021, the airline training company received a $155 million senior credit facility from Marathon Asset Management LP. PR Newswire reported that the proceeds helped the company pay down debt and secure growth capital during the pandemic-stricken aviation industry
Besides the financial developments, Avenger Flight Group has witnessed several leadership changes in recent times. The latest development took place on February 10, with the appointment of Marc Sullivan as Chief Financial Officer.
Sullivan brings years of financial experience across public and private organizations. The airline training provider is hopeful that his appointment will allow the company to receive a global perspective.
Before this, on March 24, 2025, Hooman Yazhari was named as the Chairman of Avenger Flight Group. Yazhari has 25 years of experience, including roles as an attorney and a CEO. In addition, he also served as a Board Chair in diverse industries, including aviation and aviation finance.
Previous Bankruptcy Filings by Aviation Companies
Chapter 11 filings have become increasingly common among U.S. aviation companies facing rising costs. Before Avenger Flight Group Topco, LLC, many other similar companies have resorted to Chapter 11 filings.
On October 24, 2025, Kachina Air, Inc. made a voluntary Chapter 11 filing amid surging fuel costs in aviation. Based in Texas, the company operates charter flights at several locations, including Texas, South Carolina, and Florida. Kachina Air, Inc. is known for its flight training programs and competitive pricing
Another aviation company that sought bankruptcy relief last year was Cincinnati-based Aerospace, Inc. The 79-year-old family-owned aerospace firm submitted a Chapter 11 petition on September 8, 2025, amid debts owed to roughly 200 to 999 creditors.
Case Related Details
Attorney Mary F. Caloway of Pachulski Stang Ziehl & Jones LLP is representing Avenger Flight Group Topco, LLC in court. Lawrence Perkins, the company’s chief restructuring officer, is the authorized representative in the petition.
Additional details related to the Chapter 11 case of Avenger Flight Group Topco, LLC are:
- Filing Date: February 11, 2026
- Court and Jurisdiction: U.S. Bankruptcy Court for the District of Delaware
- Type of Filing: Active, Voluntary Petition
- Chapter: 11
- Case Number: 26-10182
- Estimated Assets: $0 – $50,000
- Estimated Liabilities: $100,000,001 – $500 million
- Reason for Filing: Restructure business under court supervision
As of now, Avenger Flight Group Topco, LLC owes roughly 49 creditors in total. Court records indicate that funds will be available for distribution to the unsecured creditors.
The documents submitted to the court included a list of creditors with the 30 largest unsecured claims who are not insiders. A corporate ownership statement and list of equity security holders were submitted as well.
Avenger Flight Group Topco LLC’s Chapter 11 filing marks a notable restructuring effort following months of financial and strategic developments. In the coming months, the company will outline its recovery plan as it works to stabilize finances and resume growth.
