US-based leasing and investment firm 777 Partners has filed for Chapter 11 bankruptcy protection in Texas, nearly two weeks after its creditors sought to liquidate the company’s remaining assets. The move coincides with an ongoing criminal proceeding against its co-founder over an alleged fraud scheme involving nearly $500 million.
Joint Bankruptcy Proceedings in Texas
On August 9, 2026, affiliated debtor Signal National LLC filed a voluntary petition for bankruptcy protection in the United States Bankruptcy Court for the Northern District of Texas.
The following day, August 10, the court issued an order for the joint administration of 23 affiliated cases under Case No. 26-90190. The measure encompasses a group of interconnected entities, most notably including:
- 777 Asset Management LLC
- 777 Partners LLC
These entities are widely recognized in the aviation industry for providing financial backing to the defunct Australian startup carrier Bonza and current Canadian ultra-low-cost carrier (ULCC) Flair Airlines.
The court has designated the proceeding as a complex Chapter 11 case and scheduled initial omnibus hearings for September 8 and October 13, 2026.
Escalation of Legal Actions and Asset Liquidation
The Chapter 11 filing marks the culmination of a progressive financial and legal decline that began accelerating a year ago:
- Limited Receivership: On August 18, 2025, 777 Partners was placed under limited receivership.
- Involuntary Chapter 7 Petition: On July 16, 2026, three investment funds filed an involuntary Chapter 7 bankruptcy petition against the Miami-based firm. The action came days after securing an amended $26 million judgment in the US Bankruptcy Court for the Southern District of Florida.
- Chapter 11 Filing: The current August 9 petition aims to stay enforcement actions following creditors’ efforts to liquidate the remnant of the company, whose assets began being sold off over a year ago.
Criminal Charges Against Co-Founder Josh Wander
Parallel to the commercial bankruptcy proceedings, firm co-founder Josh Wander is awaiting trial in the US District Court for the Southern District of New York on charges of conspiracy to commit fraud.
According to federal prosecutors:
- Alleged Fraud Amount: The financial scheme reportedly defrauded lenders and investors of nearly $500 million.
- Timeframe: The alleged illicit activities took place between 2021 and 2024.
- Modus Operandi: Wander and co-conspirators allegedly misrepresented 777 Partners’ true financial condition and collateral, resorting to the double-pledging of asset collateral to secure financing.
With hearings set for September and October 2026 in the Northern District of Texas, the court will determine the restructuring or orderly liquidation of 777 Partners’ corporate structure and the full scope of obligations owed to affected creditors.
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