Nov. 22 (Bloomberg) -- DayJet Corp., saying it couldn’t obtain additional financing, sought bankruptcy protection from creditors after ceasing operation of its “on-demand” airline service connecting secondary markets.

The company, based in Boca Raton, Florida, listed debt of $23.1 million and assets of $17.2 million in Chapter 7 documents filed Nov. 14 in U.S. Bankruptcy Court in Wilmington, Delaware.

Under Chapter 7 of the bankruptcy code, a trustee is automatically appointed to liquidate the company’s assets for the benefit of its creditors.

DayJet said in a Sept. 19 statement that it had to shut down operations and terminate most of its employees, citing “a direct consequence of the company’s inability to arrange critical financing in the midst of the current global financial crisis.”

DayJet, founded in 2002, touted itself as “the world’s first ‘Per-Seat, On-Demand’ jet service” connecting travelers to smaller regional hubs. DayJet said that it had a membership base of 2,400 passengers, serving 60 locations, according to the statement.

“We have demonstrated, beyond a reasonable doubt, that customers will sign up, purchase, and become frequent users of this new service -- the DayJet ‘Per-Seat, On-Demand’ model works. It is unfortunate that these developments have come at the same time our nation has fallen into the most serious capital crisis of our lifetime,” DayJet founder Ed Iacobucci said in the statement.

DayJet owes about $19.8 million to creditors without collateral backing their claims, according to court documents.

The case is In re DayJet Corp., 08-12939, U.S. Bankruptcy Court, District of Delaware (Wilmington).

To contact the reporter on this story: Michael Bathon in Wilmington, Delaware, at mbathon@bloomberg.net.

Last Updated: November 22, 2008 00:01 EST