JetSuite customers lost $50 million in unused jet card flight credits. Now the company has received $6.5 million from the Treasury Department under the CARES Act
JetSuite emerged from its Chapter 11 bankruptcy reorganization in September. Now the Part 135 private jet operator, which laid off all but a handful of its employees when it suspended flights in April, has received $6.5 million in CARES Act funds.
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.
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.
SuiteKey jet card members won’t have to worry about buying flowers for that special person this year
JetSuite is offering to help its SuiteKey jet card members celebrate Valentine’s Day or another special event in February.
By booking and completing any trip between Jan. 20th and 11:59 pm PST on Jan. 31st, the flowers are on JetSuite.
The offer represents a bonus of up to $20,000
Dallas-based JetSuite is sweetening the deal for its SuiteKey jet card through the end of 2019.
At its entry-level $100,000 membership, both new customers and members who renew get a bonus of up to one hour.
For a $250,000 deposit, members get up to two bonus hours.
However, the biggest bonus provides up to three free hours on a deposit of $500,000, which would equate to about $20,000.
JetSuite is offering jet card and on-demand charter customers exclusive insider experiences during Fashion Week September 4-11
Dallas-based charter operator JetSuite, which offers jet
cards on its fleet of Phenom 300 and 100 private jets, is offering to take its
clients inside the tent with tickets to New York’s Fashion Week.
The offer is specific to its Phenom 300s which operate nationally. It includes entrance to invitation-only parties and top designer runway shows for up to seven guests.