JetSuite burned through at least $100 million in cash before filing for Chapter 11

JetSuite bankruptcy

In addition to over $50 million in jet card deposits, grounded private jet charter operator JetSuite received over $57 million from affiliates since 2016

Flight delays caused by President Trump, stolen silverware, broken coffee makers and ‘race to the bottom’ pricing’ increased the losses

Is a JetSuite 2.0 in the works?

Court documents from the bankruptcy proceedings of Superior Air Charter, LLC, better known as JetSuite, show a company that was burning through cash since at least 2016.

During that time both JetBlue Airways and Qatar Airways made investments into the parent company JetSuiteX, Inc. Additionally, JetSuite used $50 million in unredeemed deposits from jet card customers towards operations, something its contracts permitted. The company, like other key players in the market, did not offer an escrow account.

Dumont Aviation gains $3 million in CARES Act funds

Dumont Aviation

Top 25 private jet charter operator Dumont Aviation is the latest jet card provider to get payroll support

Updated: Our Private Jet Operator CARES Act Relief Scorecard shows how much the 25 largest U.S. fractional and charter operators received in payroll support

Delaware-based Dumont Aviation has received just under $3 million in payroll support as part of the CARES Act. The operator of owned and managed private jets ranks 24th for flight hours in the U.S. among Part 135 and 91k operators, according to Argus data (table below).

XOJET Aviation rings up $13 million in CARES Act funds

XOJET XO

The private jet charter operator is part of Vista Global Holdings, which includes VistaJet and brokerage arm XO

Our Private Jet Operator CARES Act Relief Scorecard shows how much the 25 largest U.S. operators received in payroll support

Ft. Lauderdale-based XOJET Aviation is the latest of the major private jet charter and fractional share players to have signed an agreement to receive funds as part of the CARES Act. It entered into an agreement with the Treasury Department last month providing $13.1 million.

Wheels Up gets $74 million in CARES Act funds

Wheels up CARES Act

Wheels Up Partners Holdings LLC incorporates Wheels Up, Gama Aviation Signature, Delta Private Jets, TMC Jets, and Avianis

If it’s Friday night, it’s a good time to check the Treasury Department’s website for updates about CARES Act awards. Tonight’s reveal showed on June 10 a payroll support agreement providing $74.2 was executed with Wheels Up Partners Holdings LLC.

Exclusive: Flexjet sets 2021 Europe launch; Sentient Jet to add health and hygiene requirements for operators

Flexjet Sentient Jet Flex Jet

In a wide-ranging interview, Directional Aviation’s boss Kenn Ricci tells Private Jet Card Comparisons Flexjet’s Europe growth is moving forward, it is expanding use of private jets to position pilots, and Sentient Jet will introduce health-safety requirements for its partner operators

A McKinsey study reveals 90% of those who can afford to fly privately don’t; However, UHNWs and corporate executives are often part of the high-risk profile for COVID-19

With tailwinds gradually picking up, Directional Aviation Capital’s principal Kenn Ricci announced his OneSky Flight’s Flexjet unit will expand its European presence in 2021.

Before the Covid-19 Coronavirus crisis, plans had called for a launch this month during the annual EBACE exhibition in Geneva, Switzerland.

Bankrupt JetSuite’s sister JSX nets $8.9 million in CARES Act funds

JetSuite bankruptcy

After shutting down and filing for Chapter 11, JetSuite’s jet card customers may lose $50 million in unused flight credits. Sister JSX, which is still flying, just received $8.9 million in COVID-19 relief

OneSky Flight, parent of Flexjet, Sentient Jet, and PrivateFly; Airshare; FlyExclusive, and Tradewind all received CARES Act funding, according to the updated Treasury Department list

View the entire list, including all 202 aviation companies receiving COVID-19 payroll support

This may not sit well with JetSuite’s 1,000 or so SuiteKey customers who have around $50 million in unused flight credits. Delux Public Charter, LLC, a related company that flies under the JSX brand received $8.96 million in CARES Act COVID-19 relief funds.

Clay Lacy, Jet Linx lead private jet CARES Act recipients

Clay Lacy

Clay Lacy Aviation received $26.9 million while Jet Linx Aviation was given $20 million, according to U.S. Treasury documents

NetJets, Wheels Up, Flexjet, XOJET Aviation and related companies were notably absent from the Treasury Department’s list of COVID-19 aide recipients

See the full list of aviation companies receiving CARES Act Coronavirus financial support

In a list dated April 27th, the U.S. Department of the Treasury published names of 96 companies receiving some of the $32 billion earmarked to preserve aviation jobs. The list includes both airlines and private jet operators.

The act specified grants needed to be based on payroll expenses from April 2019 through September 2019, subject to proration. Funds must be used for the continuation of payment of employee wages, salaries, and benefits. 

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