ExpressJet Files Bankruptcy, will Liquidate
ExpressJet Airlines filed for bankruptcy on August 22, ceasing all operations; liquidation of all assets will follow. This means the end of the line for the short lived Aha! Airlines that ExpressJet was running out of Reno, Nev. (RNO) as a stand-alone carrier. Once a massive regional carrier with over 450 aircraft, ExpressJet was in the rough once United Airlines ended all United Express contracts in 2020. ExpressJet had been operating Aha! Airlines as a branded carrier with four 50-seat Embraer E145 aircraft, seeking to bundle air fare, hotel, and other packages. Unfortunately, Aha! took in just $5.5 million in revenue in the first seven months of 2022, while expenses were $23.3 million. So, it cost Aha! over $4 in expenses to generate $1 in revenue. Some of the largest creditors are the U.S. taxpayer, as their largest unsecured debts are a Paycheck Protection Program loan of $10 million and a CARES Act loan of $4 million. Certainly the Air Operator's Certificate should fetch something during the liquidation process.