In a filing with the bankruptcy court released earlier this evening, Superior Air Charter, known as JetSuite, revealed its offer to SuiteKey jet card members. The filing shows these customers had $49.5 million of flight credits when the Phenom 300 operator shut down in April.
The filing provides an example of how credits can be used. A SuiteKey customer with $100,000 in unused flight credits would receive 15% of that balance for flight credits to use on JSX, a related private aviation company that is still flying.
JSX uses reconfigured Embraer regional jets with 30 seats operating from private terminals with scheduled departures. Customers buy seats like a regular airline but save time by avoiding large airport terminals.
The JSX network is mainly in the Western U.S., but it recently announced a pop-up route from Las Vegas to Dallas continuing to Pinehurst, North Carolina, a popular golf resort, then White Plains north of New York City.
Of the $15,000 in credits to use on JSX in this example, the first 20% of that amount – $3,000 – will be available for booking flights on JSX.com. They must be used in the first six months after the plan’s effective date or Aug. 31, 2020.
The remaining $12,000 in credits may be used for a discount of 55% off of JSX flights if used in the first 12 months following the effective date.
If used between 12 and 24 months after the effective date, SuiteKey members get a 32.5% discount.
There are some extra restrictions for the discounts:
For the first 20% of credits, or $3,000 in the example of a SuiteKey member with a $100,000 balance, these credits are:
SuiteKey claimants will be permitted one-time to sell or transfer their credits to another SuiteKey member within 60 days of the effective date.
Corporate SuiteKey customers can designate the use of discounts to current employees. Individual members can designate any immediate family member or two designees within the same time period.
Alternatively, SuiteKey customers can opt to remain unsecured creditors. In that case they will receive between 2.3% and 15% of their claim, according to documents.
Private Jet Card Comparisons had exclusively estimated $50 million in outstanding jet card balances after the private jet charter company grounded its fleet.