In a filing last week, the grounded private jet charter operator outlined what its jet card customers might receive in exchange for their $50 million in unused flight credits
What’s nearly $50 million in unused flight credits worth when your jet card provider goes bust?
The answer looks to be less than customers had hoped for, but more than past bankruptcies and closures.
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.
The private jet charter operator launched its first jet card program last week
Light jet hourly rates are as low as $3,096 for SuiteKey customers, based on their balances when JetSuite entered Chapter 11
North Carolina-based Part 135 private jet charter operator FlyExclusive is making an offer to JetSuite’s SuiteKey customers impacted by its bankruptcy.
Now a minority stakeholder in JetSuite, Inc., Qatar Airways investment is expected to drive growth at both JetSuiteX and JetSuite. Separately, Qatar said its private jet division will open offices in Shanghai and Moscow.
During the Farnborough International Airshow this week Qatar Airways Group Chief Executive Akbar Al Baker, and JetSuite Inc. Founder and Chief Executive Officer, Alex Wilcox, reaffirmed their commitment today to expanding JetSuite and JetSuiteX, in a press conference. In April, Qatar Airways took a minority stake in JetSuite and its JetSuiteX to enable faster expansion of the JetSuite fleet and “its ability to reach new destinations, including the potential to bring the semi-private model to additional U.S. regions.”