After a troubled past, Freefall Adventures has made the decision to file for bankruptcy. The New Jersey-based skydiving business is going to be reorganizing, with court supervision, through the Chapter 11 bankruptcy process. The company's co-owner reported that the company does not plan on shutting its doors for good. In New Jersey, the Chapter 11 process generally allows businesses to continue operating as they go through the organizational process.
According to court records, the company has outstanding debts with Toyota and Ford Motor Credit as well as Fulton Bank. In the filing, Freefall Adventures also lists that it has unsecured funds with National Aerotech for $50,000. The co-owner also said there were some costly repairs that had to be made to an aircraft that would make it unusable for a year, along with another aircraft that is being repaired.