Tag: suite key

Bankruptcy court approves JetSuite’s reorganization plan

Posted on by
JetSuite Chapter 11 ruling

The approval of JetSuite’s Chapter 11 reorganization comes after opposition from the Trustee overseeing the case and charges the private jet operator had become a Ponzi scheme

(Updated Sept. 8, 2020) JetSuite may fly again. At least that’s the possible outcome now. The judge overseeing the Chapter 11 confirmed the company’s reorganization plan, according to Ted Gavin, managing director of Gavin Solmonese. Gavin serves as the private jet charter operator’s chief restructuring officer. The hearing took place this morning in Delaware.

Continue reading “Bankruptcy court approves JetSuite’s reorganization plan”

JetSuite burned through at least $100 million in cash before filing for Chapter 11

Posted on by
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.

Continue reading “JetSuite burned through at least $100 million in cash before filing for Chapter 11”

JetSuite SuiteKey members offered 15% of balances in JSX credits

Posted on by
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.

Continue reading “JetSuite SuiteKey members offered 15% of balances in JSX credits”

Bankrupt JetSuite’s sister JSX nets $8.9 million in CARES Act funds

Posted on by
JetSuite bankruptcy

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.

Continue reading “Bankrupt JetSuite’s sister JSX nets $8.9 million in CARES Act funds”

%d bloggers like this: