The approval of JetSuite’s Chapter 11 reorganization comes after opposition from the Trustee overseeing the case and charges the private jet operator had become a Ponzi scheme
(Updated Sept. 8, 2020) JetSuite may fly again. At least that’s the possible outcome now. The judge overseeing the Chapter 11 confirmed the company’s reorganization plan, according to Ted Gavin, managing director of Gavin Solmonese. Gavin serves as the private jet charter operator’s chief restructuring officer. The hearing took place this morning in Delaware.
A pair of JetSuite SuiteKey jet card members contend wrongful conduct and breach of fiduciary duties
“JetSuite will fly again,” says its chief restructuring officer, debating the Trustee’s allegation that the private jet operator’s bankruptcy is a liquidation and not a restructuring
Just when it looked like JetSuite’s Chapter 11 bankruptcy filing was about to move quickly through the courts, it may have hit a pair of speed bumps.
JetSuite’s Chapter 11 reorganization plan is “not feasible,” according to the trustee
The trustee overseeing JetSuite’s Chapter 11 bankruptcy is urging the judge to reject the company’s proposed plan. The filing today came hours before the deadline for objections and ahead of a scheduled Sept. 3rd court date.
80% of the credits will be good for discounts of 32.5% to 55% on JSX’s scheduled flights
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.
SuiteKey members can join Concord’s jet card program with a reduced deposit of $25,000
Long Island, New York-based private jet card broker Concord Private Jets is offering JetSuite customers preferred payment terms.
Concord Private Jets rates were already among the lowest in the industry at $4,300 per hour for light jets, $,5400 for midsize, and $6,750 for super-midsize aircraft.
SuiteKey customers can fly at discounted jet card rates on a pay-as-you-go basis through the end of 2020
Alliance Aviation, a charter and jet card broker affiliated with Part 135 operator Wing Aviation Group, is upping the battle for JetSuite’s SuiteKey jet card customers. JetSuite filed for Chapter 11 bankruptcy last week after grounding its fleet.
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.