Tag: Chapter 11

Zetta Jet Says It Has Secured $8.5 Million in Post-Petition Chapter 11 Financing

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The luxury private jet operator is trying to move forward and emerge from bankruptcy amid allegations of fraud and corruption

 

Zetta Jet earlier announced today that its existing lessor, Scout Aviation II, LLC, has committed to provide up to $8.5 million in post-petition financing. The financing, subject to Bankruptcy Court approval, will enable the operator of long-distance luxury private jets to satisfy customary obligations associated with the daily operations of its business, including the timely payment for aircraft usage, fuel, post-petition goods and services, employee wages and other obligations, according to a press release. 

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Zetta Jet Chapter 11 To Move Forward As The Private Jet Operator Plans Continued Flights

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A press release issued by Zetta Jet claims that the U.S. Bankruptcy Court for the Central District of California is continuing with its Chapter 11 filing, appointing a trustee at its request. The move comes after two shareholders, including the former managing director Geoffrey Cassidy, received an injunction from a Singapore Court. Zetta Jet said the appointment of a Trustee would “ensure a unified direction” amidst the dispute between its shareholders. The U.S. Trustee’s Office is expected to appoint the Chapter 11 trustee shortly, according to the statement. 

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Embezzlement, Illegal Kickbacks Allegedly Behind Private Jet Operator Zetta Jet USA’s Chapter 11 Filing

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The private jet operator says it will continue normal operations

 

Friday night’s bankruptcy filing by Zetta Jet USA, Inc., first reported by Private Jet Card Comparisons, comes one week after a separate lawsuit filed by the founders Advanced Aircraft Management, Inc., and Anglo American Jet Charter, Inc., the two companies that became Zetta Jet USA, Inc. after their sale to Singapore-based Zetta Jet Pte. Ltd. 

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Zetta Jet Bankruptcy: Here Are The Creditors From The Private Jet Operator’s Chapter 11 Filing

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There over 58 pages of creditors following the bankruptcy of luxury private jet operator Zetta Jet

 

On Friday, September 15, 2017, Zetta Jet USA, Inc. filed for Chapter 11 bankruptcy protection. With between $50 million and $100 million in debt, it left a list of creditors 58 pages long. The biggest creditors were Bombardier ($15.1 million) and Rolls Royce Deutschland ($4.1 million). However, FBOs, fuelers, training companies, caterers, banks and many others were owed money. From a consumer perspective, the private jet operator’s bankruptcy may bring into focus the availability of escrow accounts for jet card and prepaid block charter programs. Below is the full list of creditors per Zetta Jet’s filing in the Central District of California Bankruptcy Court.

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