Filing Alert: New Pacific Airlines Parent Chapter 11
New Pacific Airlines Parent Files Chapter 11 in District of Delaware
Update (Jan. 26, 2026): A comprehensive case summary is now available for the Chapter 11 bankruptcy filing of Float Alaska LLC.
Float Alaska LLC and its debtor affiliates⁽¹⁾, an Anchorage, AK-based aviation holding company that owns and operates New Pacific Airlines, filed for Chapter 11 protection on Jan. 26 in the U.S. Bankruptcy Court for the District of Delaware.
The debtors' financial distress was driven by a confluence of geopolitical disruptions, including the closure of Russian airspace, a pilot shortage that eroded its Alaskan regional business, and unsustainable losses from a pivot to charter operations.
The filing aims to facilitate a §363 sale of the company's remaining assets, primarily three Boeing 757 aircraft and four engines, following the cessation of all operations and the layoff of 115 employees on Nov. 26, 2025. To fund the liquidation process, the debtors have secured approximately $3.23 million in DIP financing from Jones Holding LLC, an entity controlled by insider Josh Jones, which also acquired the prepetition secured debt held by NFS Capital shortly before the filing.
Float Alaska LLC reports $1 million to $10 million in assets and $10 million to $50 million in liabilities⁽²⁾. The filing indicates that no funds will be available for distribution to unsecured creditors after administrative expenses are paid. The case number is 26-10075.
⁽¹⁾ For a complete list of debtor entities, see the Chapter 11 Debtors table.
⁽²⁾ Debtor affiliate New Pacific Airlines, Inc. reports liabilities of $100 million to $500 million.
Chapter 11 Debtors
Top Unsecured Claims
Key Parties
Counsel:
- Paige N. Topper
Saul Ewing LLP
Email: [email protected]
Financial Advisor:
- Sherwood Partners, Inc.
Sales Agent:
- Sage-Popovich, Inc.
Signatories:
- Thomas Hsieh – Manager
Claims Agent:
Bondoro Insights is continuing to monitor this case and will provide further coverage as appropriate.
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