This article summarizes reporting by The Post-Crescent and public filings from Harbor Diversified, Inc.

Air Wisconsin Assets Sold to CSI Aviation and ASL for $113.2 Million

Harbor Diversified, Inc. has completed the sale of its regional airline subsidiary, Air Wisconsin Airlines LLC, and a fleet of 25 Bombardier CRJ-200 aircraft. According to reporting by The Post-Crescent and recent Securities and Exchange Commission (SEC) filings, the transaction is valued at approximately $113.2 million and effectively marks Harbor Diversified’s exit from the airline operating business.

The deal, finalized on January 9, 2026, splits the Airlines assets between two distinct buyers: Albuquerque-based CSI Aviation, Inc. and the Associated Lease and Finance Group, LLC (ASL). This restructuring follows a challenging year for the Appleton-based carrier, which faced significant financial headwinds after losing its long-standing capacity purchase agreement (CPA) with American Airlines in early 2025.

Transaction Details and Asset Split

The acquisition involves a strategic division of Air Wisconsin’s operational capabilities and physical assets. According to regulatory filings reviewed by AirPro News, the aggregate purchase price of roughly $113.2 million covers both the operating certificate and the owned aircraft fleet.

CSI Aviation Acquires Operations

CSI Aviation, Inc. has acquired 100% of the membership interests in Air Wisconsin Airlines LLC. This purchase grants CSI ownership of the airline’s Part 121 air carrier operating certificate, a critical asset that allows for scheduled commercial airline operations. In addition to the certificate, CSI acquired 13 of the carrier’s CRJ-200 regional jets.

CSI Aviation is a diversified aviation services company known for medical flight services, air charter, and government contracting. Industry observers note that acquiring an established Part 121 certificate allows the company to significantly expand its operational scope.

ASL Takes Remaining Fleet

The second buyer, Associated Lease and Finance Group, LLC (ASL), purchased the remaining 12 CRJ-200 aircraft. ASL specializes in aviation leasing and finance. It is common for firms in this sector to acquire aging regional jets either to lease them to other operators or to dismantle them for engines and components, which remain in high demand for maintaining other CRJ-200 fleets globally.

Context: A Turbulent Transition

The sale concludes a period of uncertainty for Air Wisconsin. For years, the airline operated exclusively as “American Eagle,” feeding traffic into American Airlines’ major hubs, particularly Chicago O’Hare. However, that relationship ended in April 2025, stripping the regional carrier of its primary revenue source.

Following the contract termination, Air Wisconsin attempted to pivot toward independent charter operations and Essential Air Service (EAS) routes. The Post-Crescent notes that the airline briefly secured an EAS contract for Parkersburg, West Virginia, in August 2025 but withdrew before service began due to the impending restructuring.

Workforce Impact

The restructuring has had a tangible impact on the airline’s workforce in Wisconsin. In late 2025, the company issued WARN notices affecting approximately 252 employees, including pilots, mechanics, and support staff at its bases in Appleton and Milwaukee.

“This sale marks the exit of Harbor Diversified from the airline operating business.”

, Research Report on Harbor Diversified SEC Filings

AirPro News Analysis

The split-sale of Air Wisconsin highlights a growing trend in the regional aviation sector: the decoupling of operating certificates from aging fleets. While the CRJ-200 is widely considered obsolete for major network carriers due to high fuel costs and passenger preference for larger dual-class regional jets, the underlying Part 121 operating certificate remains a high-value asset.

For CSI Aviation, purchasing the certificate avoids the years-long, capital-intensive process of obtaining new FAA certification from scratch. This move suggests CSI intends to scale its government and charter operations rapidly, leveraging the regulatory framework Air Wisconsin maintained for decades.

Frequently Asked Questions

Who owns Air Wisconsin now?
CSI Aviation, Inc. now owns the Air Wisconsin Airlines LLC operating certificate and brand, along with 13 aircraft. The remaining 12 aircraft were sold to Associated Lease and Finance Group (ASL).

What happened to the American Airlines contract?
The capacity purchase agreement (CPA) with American Airlines ended in April 2025. This contract was the airline’s primary source of revenue, leading to the search for a buyer.

Will Air Wisconsin continue to fly?
Under CSI Aviation ownership, the entity holds a valid operating certificate. However, its mission will likely shift from scheduled commercial regional service (like American Eagle) to charter, government, or specialized contract flying.

Sources

• The Post-Crescent
• Harbor Diversified SEC Filings