Chapter 11 Bankruptcy Filed by Jimsair Aviation
Jimsair Aviation Services, a San Diego aircraft fueling and service company with operations at San Diego’s Lindbergh Field and in Palm Springs, has filed for protection under Chapter 11 of the federal Bankruptcy Code.
President Phil Bracamonte said the company’s high debt--taken on to finance expansion--coupled with a downturn in business forced it to seek protection from creditors. There will be no disruption of services and no layoffs of the company’s 65 employees, he said.
In an interview, Bracamonte said the company has $8.9 million in assets and $8.4 million in liabilities. Among the assets is a lease for hangar space through the year 2014 with the San Diego Unified Port District, operator of Lindbergh Field.
The company recently spent a considerable sum doubling its hangar space at Lindbergh, but Bracamonte said problems with the Palm Springs facility were more to blame for the financial difficulties that led to the bankruptcy filing.
The company’s major creditors include Textron, First National Bank of San Diego and BP Oil, the firm’s attorney Peter L. Duncan said Thursday.
Jimsair filed its bankruptcy petition in the court of U.S. Bankruptcy Judge James W. Meyers. The company was founded in 1952, when it established a presence at Lindbergh, Bracamonte said.
A sale of the company to Flightcraft of Portland, Ore. was announced last year but fell through.
