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.

Nicole Kidman and Eli Manning’s private jet? We go up in the air with Nicholas Air

Nicole Kidman's private jet Nicholas Air

Nicholas Air’s Southern charm and fleet of modern private jets have helped the Mississippi-based fractional and charter operator expand nationwide

Jet card and fractional share options range from the Pilatus PC-12 and Phenom 100 to the CJ3, Phenom 300, Latitude and Challenger 300

In an industry that is often in turmoil or controversy, since founding the company in 1997, Nicholas Correnti remains the CEO nearly a quarter-century later.

While companies in the sector seem to come and go, executives and customers say continuity, a personal approach, and a state-of-the-art fleet have helped Nicholas Air thrive in a competitive market.

JetSuite’s Chapter 11 filing reveals pre-Coronavirus challenges

JetSuite

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.

JetSuite’s JSX launching Portland flights

JetSuite JetSuiteX JSX

After opening Seattle and Scottsdale, JSX (formerly JetSuiteX), is adding Portland, Oregon to its growing west coast network

JetSuite’s JSX is adding a new city as it continues to ramp up its by the seat shuttle service which uses private aviation terminals and other private facilities.

As with typical airlines, JSX, formerly JetSuiteX, operates on a fixed schedule. However, by using private airport facilities customers cut total travel time in half.

JetSuite partners with Hyperice to enhance pilot wellness

JetSuite pilots

JetSuite plans to offer similar health tech solutions for both JetSuite passengers and employees.

Hyperice, known for its presence in the professional sports and fitness industries, announced its first-ever health technology aviation partnership with JetSuite, designed to enhance pilot wellness and performance.

The partnership gives JetSuite pilots access to Hyperice’s recovery and mobility devices which help to relax and loosen muscles, increase circulation and enhance the range of motion and flexibility.

Our partnership with Hyperice was developed to increase the long-term wellness of our pilots through leading recovery and mobility devices that help offset the physical demands of flying. After all, they are our athletes in the sky.

Stephanie Chung, president of JetSuite

In a press release, Hyperice said, “Pilots’ health and wellness can often be compromised due to an irregular diet, sleep pattern, and exercise schedule. Their daily regimen is imperative to ensure they stay healthy and perform at the safest level.”

%d bloggers like this: