Premier Air Charter Loses Both CJ3 Aircraft to Lessors, Cuts 12% of Workforce, and Replaces Chairman
PREM sits 93% above its 52-week low of $0.016.
Summary
Premier Air Charter lost both CJ3 aircraft to lessors after payment defaults, triggering $514,557 in accelerated obligations, cut 12% of its workforce, and replaced its Chairman — all within days of a going-concern warning.
Key Events · Legal and Risk Events · PREM
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CJ3 Aircraft Leases Terminated
Lessors terminated both CJ3 leases and repossessed the aircraft effective October 1, 2026, after Premier failed to cure payment defaults within the five-business-day cure period.
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Accelerated Obligations of $514,557
Lessors claim approximately $514,557 is immediately due and payable under accelerated principal balances and accrued interest, plus $266,842 for engine/parts programs that the company disputes in part.
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12% Workforce Reduction
Five of ten CJ-rated pilots were separated effective October 2, 2026, reducing total workforce from 42 to 37 employees; no material pre-tax charges expected.
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Chairman Resigns, New Chairman Appointed
Vincent Monteparte resigned as Chairman and director effective October 6, 2026; Kyle McCollum, a CPA and former CFO of Dalrada Financial, was appointed director and Chairman effective October 8, 2026.
Analysis · PREM · Industrial Applications And Services
Premier Air Charter's operating subsidiary has lost both of its Cessna Citation CJ3 aircraft after lessors terminated the leases and repossessed the planes on October 1, 2026, following uncured payment defaults. The lessors claim approximately $514,557 is now due and payable under accelerated principal balances, plus an additional $266,842 for engine and parts programs that the company disputes in part. The company has also cut five of its ten CJ-rated pilots — a 12% workforce reduction — and its Chairman, Vincent Monteparte, resigned effective October 6, 2026, with Kyle McCollum appointed as his replacement two days later. This comes against a backdrop of going-concern doubt, a $16.8 million working capital deficit, and a $3.6 million balloon payment due September 2, 2026, disclosed in the August 2026 10-Q. The loss of the CJ3 aircraft removes a revenue-generating asset class from the fleet, and the accelerated obligations add immediate cash pressure to an already distressed balance sheet.
How filings like this one have moved
In the 30 days to Oct 13, 2026, 44.1% of the 299 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.62%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, PREM was trading at $0.03 on OTC in the Industrial Applications And Services sector, with a market capitalization of approximately $8.7M. The 52-week trading range was $0.02 to $0.08. This filing was assessed with negative market sentiment and an importance score of 9 out of 10.