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                                                                    Exhibit 99.1

FOR IMMEDIATE RELEASE

AVTEAM INC. FILES PETITION FOR CHAPTER 11 BANKRUPTCY PROTECTION

MIRAMAR, Florida, March 26, 2001 - AVTEAM, Inc. (NASDAQ: AVTM), a global
supplier of aftermarket engines, engine parts and aircraft components, announced
today that it, along with its two wholly-owned subsidiaries, AVTEAM Engine
Repair Corp. and AVTEAM Aviation Field Services, Inc., have filed petitions for
Chapter 11 protection with the United States Bankruptcy Court for the Southern
District of Florida in Miami-Dade County.

The Company also announced that it has entered into a cash collateral and
financing arrangement with Bank of America, N.A., for an interim period of 45
days, whereby Bank of America will permit the Company to utilize all rents,
revenues, income and profits derived from its property under the same terms and
conditions as reflected in certain credit documents entered into between the
Company and Bank of America. The cash collateral and financing arrangement is
subject to U.S. Bankruptcy Court approval.

The Company intends to avail itself of relevant bankruptcy laws to facilitate
the sale of its wholly-owned subsidiary, AVTEAM Engine Repair Corp., as a going
concern.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995:

Except for the factual statements made herein, the information contained in this
press release contains certain "forward-looking statements" within the meaning
of the federal securities laws and are not guarantees of future performance.
"Forward looking statements" include statements that express, or involve
discussions as to expectations, intentions, beliefs, plans, objectives,
assumptions or future events or performance (often, but not always, through the
use of words or phrases, such as "will or should result," "are expected to,"
"will or should continue," "is anticipated," "plans," "intends," "estimated,"
"projection" and "outlook"). For a variety of reasons, the Company's actual
results could differ materially from any forward-looking statements made in this
press release. Among the factors that could cause actual results to differ from
predicted or expected results are the following: the effects of interest rates,
airline industry profitability, reduced availability of funds for operations and
expansion, the inability of the Company to retain highly skilled employees, the
loss of a major customer, the failure to attract sufficient customers for its
CFM56 repair services, difficulties in executing the Company's plans to further
expand CFM56 capability, the decline in overall usage of the JT8D aircraft
engine, increased fuel prices and interest charges, a decline in the demand for
aftermarket aircraft engines, engine parts and airframe components, seasonal
fluctuations, rescheduling or cancellation of customer orders, which could
materially adversely affect the Company's revenues; the possibility that the
Company will not find a strategic partner or alternative financing by the end of
the forbearance period; the possibility that regulatory changes and unforeseen
events could impact the Company's ability to provide products and services to
its customers; existing competition from national and regional competitors,
which could result in pricing and other pressures on profitability and market
share; and other risks, investor considerations and uncertainties set forth in
the Company's filings with the Securities and Exchange Commission ("the
Commission"), the Company's Form 10-K for the year-ended December 31, 1999.
Consequently, the reader is cautioned to consider all forward-looking statements
in light of the risks to which they are subject.