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.

JetSuite files for Chapter 11 bankruptcy with up to $100 million in liabilities

JetSuite

Since grounding its fleet earlier this month, the company had not communicated with SuiteKey jet card customers except to advise them of the shutdown

The company says it hopes to resume operations without disclosing specifics

JetSuite, dba as Superior Air Charter, filed for Chapter 11 bankruptcy protection in Delaware today. The move came two weeks after it suspended operations and furloughed most of its employees.

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