Sky King — the longtime high-flying charter airline for the Sacramento Kings — has hit some financial turbulence.  The Sacramento-based company has filed for bankruptcy protection, which will allow the charter to continue flying.  The company — headed by Gregg Lukenbill, a former co-owner of the Kings — has $10 million to $50 million in debt, and that same broad range is listed for its assets.

 

The 130-employee company has a maintenance operation in Atwater in Merced County that services its nine Boeing 737 jets.  Sky King, like many companies during the recession, has seen a dramatic decline in revenue, from about $25 million in 2004 to $12 million last year.  The charter airline has about 20 flights a day, but no longer carries professional sports teams, moving away from that business to focus more on an airline taxi service.