Early JetSuite investor Tony Hsieh, the former Zappos CEO, died in Connecticut on Friday after a house fire
Tony Hsieh, who died on Friday from complications after being rescued from a fire in a home he was staying at in Connecticut, is best known for Zappos, the company he sold to Amazon for $1.2 billion. His net worth, according to Forbes, was $840 million. He was also an early investor in JetSuite and served on its board until 2019.
The Payroll Support Program under Division A, Title IV, Subtitle B of the CARES Act provided payroll support to passenger air carriers, cargo air carriers, and certain contractors for the continuation of payment of employee wages, salaries, and benefits. Here’s who got how much
It’s uncertain when there will be more government for the airline industry, and if so, will it extend to the private aviation side?
While the CARES Act payments have been widely credited for helping business jet operators get back on their feet quickly, they also have detractors, including NetJets, the largest private jets operator.
Vista Global’s deal yesterday with Red Wing that brings it 15 light jets to XOJET is the latest and doesn’t look to be the last
In just over 3 years, we’ve tracked over 50 deals, fundraises, launches, and bankruptcies
The COVID-19 crisis may be bringing the already simmering mergers and acquisitions market for private jet operators and brokers back to a boil.
By-the-seat private aviation operator JSX is offering scheduled service within Texas beginning Nov. 20
Former JetSuite SuiteKey customers who opted to received flight credits on JSX will have a new route beginning Nov. 20. New flights between Dallas Love Field and Houston Hobby Airport will operate two times per day in each direction on weekdays and Sundays with one daily flight on Saturday.
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.
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.
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.