Surf Air Mobility says it has received a commitment for $200 million in advance of plans to go public
Surf Air Mobility, the product of a recent merger between Surf Air and Blackbird, will announce next week it has secured a $200 million investment commitment from Global Emerging Markets Group (GEM). The company bills itself as “a $3.4 billion alternative investment group that manages a diverse set of investment vehicles focused on emerging markets across the world.”
Clay Lacy Aviation received $26.9 million while Jet Linx Aviation was given $20 million, according to U.S. Treasury documents
NetJets, Wheels Up, Flexjet, XOJET Aviation and related companies were notably absent from the Treasury Department’s list of COVID-19 aide recipients
See the full list of aviation companies receiving CARES Act Coronavirus financial support
In a list dated April 27th, the U.S. Department of the Treasury published names of 96 companies receiving some of the $32 billion earmarked to preserve aviation jobs. The list includes both airlines and private jet operators.
The act specified grants needed to be based on payroll expenses from April 2019 through September 2019, subject to proration. Funds must be used for the continuation of payment of employee wages, salaries, and benefits.
The new entity wants to ‘transform’ the 50-to-400-mile mobility market
50% of all flights are under 500 miles, it says
BlackBird was recently under FAA scrutiny
Surf Air has been trying to fly past liquidation of its European arm, a lawsuit with a former operator and IRS tax lien
Plans call for phasing out the BlackBird Air name
Los Angeles-based Surf Air said it has acquired BlackBird
Air, an online aviation marketplace that has been under scrutiny from the Federal
Lawsuits, closures, bankruptcies and lack of transparency show the challenges consumers face
In the two years since I launched Private Jet Card Comparisons, I’ve been surprised by the number of bankruptcies, closures, lawsuits, and lack of transparency in private aviation. In Europe, Wijet liquidated its UK subsidiary while Surf Air closed its entire operation there. Zetta Jet filed for Chapter 11 and then Chapter 7, leaving bills estimated at between $50 million and $100 million. ImagineAir just closed shop without notice. Both JetSmarter and Ascension Air find themselves facing unhappy customers, including lawsuits. Of course, there have been other failures before, including Avantair and Blackjet to name just two fairly recent ones.
How not to lose on your private jet membership
To help you avoid the same pitfalls, here are some tips I put together. While they may not be foolproof, I think they are helpful to keep in mind:
While Surf Air has pulled out of Europe and JetSmarter has none of its own flights scheduled, JetClass is seemingly making its by-the-seat semiprivate jet service work
By-the-seat private jet airline JetClass is increasing the frequency of its top-performing route between Zurich and Luxembourg, and adding flights between Vienna and Strasbourg, two cities in the heart of Europe which had never had a direct flight nonstop before, the company said in a press release.