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’s SuiteKey customers unhappy with bankruptcy offer

JetSuite

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.

JetSuite SuiteKey members offered 15% of balances in JSX credits

JSX JetSuiteX

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.

An estimated $50 million in jet card deposits are at stake in JetSuite’s shutdown

JetSuite bankruptcy filings

Customers say there have been no communications since the private jet operator posted notice Thursday it had grounded its fleet

Private jet charter operator JetSuite and its sibling JSX look to be facing an uncertain future. The latter runs scheduled flights between private terminals using reconfigured regional aircraft.

Both had cut a high profile in the industry, attracting investments from JetBlue and Qatar Airways.

JetSuite’s JSX adds Reno flights

JetSuite JetSuiteX JSX

The scheduled by-the-seat flights cut travel time in half by using private jet facilities

Having recently added Phoenix, Seattle, and Portland, JSX is now adding back Reno, Nevada to the fast-growing.

Beginning May 8 JSX will serve Reno from both Las Vegas and Burbank with fares starting as low as $119.

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