Zero Energy Aviation files for Chapter 11 bankruptcy

BOULDER — A Boulder aviation-focused real estate development company has filed for Chapter 11 bankruptcy protection.

Zero Energy Aviation LLC, which develops zero-energy executive, maintenance and storage hangars, filed for protection in U.S. Bankruptcy Court for the District of Colorado Wednesday, claiming assets of $758,963 and liabilities of $736,714.

The company’s largest asset is real estate owned at 3304 Airport Road in Boulder, valued at $680,000 and subject to a deed of trust from AMG National Trust Bank in Boulder of $425,321.

SPONSORED CONTENT

People Powered: Preparing Longmont Businesses for Economic Success

Longmont Chamber and FNBO present People Powered on April 24, 2024, aiming to inform business owners about workforce development, housing, and transportation issues.

Bankruptcy documents also cite a collections lawsuit filed by AMG against Zero Energy Aviation in Boulder County District Court.

The bankruptcy documents indicate that a tenant in the hangar, Churchill Navigation Inc. of Boulder, intends to move out of the facility at the end of August. The 4,650-square-foot facility is currently listed for sale by 8030 Realty of Boulder for $680,000 and can accommodate up to five aircraft.

The bankruptcy documents were signed by Davide R. Picard, its sole member. Picard did not return a phone call seeking comment.

Under a Chapter 11 bankruptcy, a company seeks to reorganize its debts. Zero Energy Aviation’s Chapter 11 petition came almost three months after a Boulder-based solar installer filed for Chapter 7 bankruptcy liquidation, listing Zero Energy Aviation as its largest creditor.

Rack-Em-Up Inc.’s May 13 bankruptcy filing listed a debt to Zero Energy Aviation of $32,494. Picard is also the CEO of Rack-Em-Up.

Zero Energy Aviation’s 20 largest unsecured creditors include:

Automatic Co. Inc., Boulder, $9,213.

Barton Supply Inc., Aurora, $47,286.

Belcas Construction Inc., Nederland, $7,135.

Bio-Terra Construction, Boulder, $28,632

Boulder Lumber Co., Boulder, $22,409

Brian Kelly, Denver, $1,450.

Ellis Construction Specialties, Broomfield, $885

Gebau Engineering, Boulder, $3,655.

Greenstar Electrical, Boulder, $8,000.

H Drywall LLC, Lafayette, $5,650.

H2O Fire Protection Inc., Commerce City, $24,003.

Home Depot Credit Services, Columbus, Ohio, $3,966.

HughesNet, Toledo, Ohio, $1,057.

IDI-Insulation Distributors Inc., Chanhassen, Minnesota, $4,772.

Jazz Architecture, Boulder, $6,462

Kellys Painting, Denver, $6,465.

Metal Sales Manufacturing Corp., Louisville, Kentucky, $10,853.

Mountain Craft Carpentry LLC, Louisville, $10,247.

Ray’s Four Seasons, Gilcrest, $27,553.

U.S. Small Business Administration, Denver, $81,700.

Zero Energy Aviation was founded in 2009 as a medical transport network service provider, according to the company’s website.

Correction: This article was updated to correct a reference to Zero Energy Aviation.