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
(Updated Jan. 11, 2021) The COVID-19 crisis may be bringing the already simmering mergers and acquisitions market for private jet operators and brokers back to a boil.
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.
For Flexjet the order follows its $1.4 billion deal with Embraer announced earlier today; For Qatar Executive, it’s in addition to its July billion-dollar Gulfstream order
A billion dollars here. A half-billion or so there. It is Las Vegas after all. As the National Business Aviation Association’s annual convention kicks off here, Flexjet followed up its morning announcement it is buying $1.4 billion in private jets from Embraer by placing an order to be the North American launch customer for the Gulfstream G700.
(Updated Oct. 23, 2019: Flexjet’s order is for 16 G700s valued at $1.2 billion)
Flexjet’s chairman Kenn Ricci wasn’t the only CEO playing at the high stakes table. Akbar Al Baker, CEO of Qatar Airways, is buying 10 of the new ultra-long-range, ultra-fast private jets for his Qatar Executive charter division. It follows a billion-dollar order with the Savannah, Georgia-based manufacturer in July.
The charter operator and its parent Qatar Airways along with
JetBlue are investors in JetSuite
Qatar Airways last week announced an order for 18 Gulfstream aircraft during a ceremony at the White House. The order worth over $1 billion is for 14 Gulfstream G650ER and four Gulfstream G500 and will add to Qatar Executive’s growing fleet that currently includes six G650ER and four G500 aircraft.
Gulfstream executives had previously reported the order, however, the customer had not been disclosed. Flexjet had been mentioned along with Qatar Executive as likely buyers.
Qatar Airways Group chief executive, Akbar Al Baker said,
“Qatar Airways is very pleased to confirm this landmark deal with
Gulfstream. Our corporate jet division, Qatar Executive, goes from strength to
strength and this commitment to new orders will allow us to offer our bespoke
luxury service to even more passengers.”
Jet Suite’s SuiteKey jet card program starts at $50,000 and ranges to $400,000 on its all Embraer fleet of private jets
JetSuite, Inc. which also operates semiprivate jet shuttle JetSuiteX is relocating its headquarters from Orange County to Dallas, according to multiple reports. The company confirmed the move to Private Jet Card Comparisons.
JetSuite has announced a new round of funding to grow both its JetSuite jet card and on-demand charter business and its by the seat JetSuiteX fleet and flights
Let the good times roll. Private aviation is continuing to attract investors from celebrities and private equity to energy companies and even commercial airlines. Earlier today, JetSuite announced that it had raised an undisclosed amount of money from Qatar Airways.
While several airlines (Lufthansa, Korean Air, Qatar Airways, Delta Air Lines and Emirates) have their own private jet arms or partnerships with private jet operators offering transfers at primary hubs, Japan Airlines has signed a deal to provide transfers on-demand charter connections between commercial flights and private jets in Paris starting May 1