iAero Tech and 15 affiliated debtors filed for Chapter 11 due to mismanagement by former leadership, unprofitable agreements, a significant arbitration award against them, and the temporary cessation of flight services for the U.S. Department of Homeland Security due to a mishandled contract extension. The company also faced financial pressures from the pandemic, which exacerbated existing issues. At the time of filing, the company had $860 million of secured debt, with $75 million facing near-term maturity
