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.

Nicole Kidman and Eli Manning’s private jet? We go up in the air with Nicholas Air

Nicole Kidman's private jet Nicholas Air

Nicholas Air’s Southern charm and fleet of modern private jets have helped the Mississippi-based fractional and charter operator expand nationwide

Jet card and fractional share options range from the Pilatus PC-12 and Phenom 100 to the CJ3, Phenom 300, Latitude and Challenger 300

In an industry that is often in turmoil or controversy, since founding the company in 1997, Nicholas Correnti remains the CEO nearly a quarter-century later.

While companies in the sector seem to come and go, executives and customers say continuity, a personal approach, and a state-of-the-art fleet have helped Nicholas Air thrive in a competitive market.

FlyExclusive makes major move into Jet Cards

FlyExclusive jet card

The 8th largest private jet charter operator in the U.S. FlyExclusive is leveraging a fast-growing private jet fleet to become a major player in jet memberships

Out of the depths of the biggest downturn business aviation has ever seen, here comes industry veteran Jim Segrave and his Kinston, North Carolina-based FlyExclusive.

Since its launch in 2014, Segrave, who previously sold Segrave Aviation to Delta Private Jets in 2010, has built a fleet of more than 60 private jets. Expansion plans call for reaching the century mark.

JetSuite’s Chapter 11 filing reveals pre-Coronavirus challenges

JetSuite

In a first reveal from the bankruptcy court, the private jet charter operator’s Chief Restructuring Officer said JetSuite “was never able to operate profitably.”

Here’s why JetSuite didn’t qualify for the CARES Act

Documents confirm $50 million in unused SuiteKey jet card flight credits

A sworn declaration by JetSuite’s chief restructuring officer, Edward T. Gavin of Gavin/Solmonese, gives a unique view into the Part 135 charter operator leading up to grounding its fleet and subsequent Chapter 11 bankruptcy filing earlier this week.

The document, filed prior to a video hearing yesterday, confirmed $50 million in unused SuiteKey jet card balances, the amount estimated by Private Jet Card Comparisons in our earlier report.

%d bloggers like this: