The current management of Direct Air put out a press release Thursday addressing the company's financial problems.  

Direct Air canceled its flights March 12th. It filed for Chapter 11 bankruptcy protection this month and has requested to convert to Chapter 7 , which means the airline will liquidate all assets and use the money to pay back creditors. 

The current management says its "conducting a comprehensive forensic investigation regarding the management and operation of Direct Air prior to the bankruptcy filing."

It says former management blames the current executives for the problems, but that is not the case.

The press release states, "The current management and majority owners of Direct Air strongly disagree with the claims being made by certain former executives who are wrongly denying their responsibility for the financial situation facing the company and the damage caused to the company and its customers."

Direct Air says it will address the information that comes out of the bankruptcy hearings and government investigations as the information is released.