Premier Air Charter Holdings Inc.: CJ3 leases terminated, chairman resigns

What happened

• Premier Air Charter Holdings Inc. reported that on Oct 1, 2026 the lessors terminated two Exclusive Aircraft Lease Agreements for Cessna Citation CJ3 aircraft and retook possession of the CJ3 aircraft; the aircraft were returned and removed from Premier’s FAA Part 135 air carrier certificate effective Oct 1, 2026.
• The filing states that on Sep 23, 2026 each lessor delivered a written notice of default asserting unpaid amounts and failures to keep engine maintenance programs current, and Premier did not cure within the five business day cure period. The notices asserted amounts owed of approximately $249,416 to AB Jet Co I, LLC and $265,141 to AB Jet Co VI, LLC, plus approximately $129,797 owed to Williams International and Textron Aviation under the N795KF programs and approximately $137,044 owed to Williams International under the N973CG program. The lessors reserved all rights and remedies, including the right to declare the entire remaining Principal Balance, together with accrued and unpaid interest, immediately due and payable.

Key details

• The filing is reported under Item 1.02 (termination of a material definitive agreement) and Item 2.04 (triggering events that accelerate or increase a direct financial obligation).
• On Oct 2, 2026 management committed to a reduction in force: five of Premier’s ten Citation CJ-rated pilots will be separated and the remaining five retrained; the workforce is reduced from 42 to 37 employees, or approximately 12%; separations were expected to be completed by Oct 2, 2026; the company currently estimates it will not incur any material pre-tax charges and does not expect material impairment charges because the CJ3 aircraft were leased month-to-month.
• On Oct 6, 2026 Vincent Monteparte resigned as chairman, as a director and from all positions with the company and its subsidiaries and ceased to be an employee; he is not entitled to severance. On Oct 8, 2026 the board appointed Kyle McCollum as a director and elected him chairman; Mr. McCollum currently provides CFO advisory services to the company and no compensatory arrangement has been approved as of the filing.

Why it may matter

• The filing covers Item 1.02 (termination of the CJ3 leases), Item 2.04 (claims of unpaid amounts and the lessors’ reservation of rights, including possible acceleration of the Principal Balance), Item 5.02 (departure of Vincent Monteparte and appointment of Kyle McCollum), and Item 8.01 (commitment to a reduction in force and related workforce and cost estimates).
• The filing does not show why the insider traded or why the company acted.