Technology issues are impacting flight operations and bookings at Vista Global’s XOJET and VistaJet units
Technology issues are impacting Vista Global, the fourth largest provider of for-hire private aircraft in the U.S. Its operators include XOJET Aviation, VistaJet, and Red Wing Aviation. The company recently announced plans to acquire Talon Air, the 14th largest Part 135 operator, and related broker Apollo Jets.
Moody’s pegs Vista Global, parent of XO, XOJET Aviation, and VistaJet on review for a possible downgrade while Fitch revises its outlook to stable
Last week, Moody’s Investors Service placed the ratings of Vista Global Holding Ltd. and VistaJet Malta Finance P.L.C. on review for downgrade. The outlook on both entities has been changed to ratings under review from stable. Then yesterday, Fitch Ratings revised its outlook on its long-term Issuer Default Rating (IDR) to stable from negative and affirmed the IDR at ‘B.’
Fitch has also affirmed the senior unsecured rating on the outstanding $550 million 10.5% notes due 2024 issued by XO Management Holding, Inc. and VistaJet Malta Finance PLC at ‘B+’/RR3. The bonds are guaranteed by Vista and XO Group Holding Limited and VistaJet Group Holding Limited (VistaJet) and their main subsidiaries.
Vista Global’s VistaJet and XO each set sales records last year, according to the company
VistaJet Program memberships were up by 29% last year, the fastest growth in company history. Its jet card program starts at 50 hours per year, and with a fleet focused on large-cabin jets, customers typically spend over $500,000 per year. If that sounds impressive, sister provider XO reported memberships up 240% in 2020.
Wheels Up has acquired Mountain Aviation, the 10th largest U.S. Part 135 private jet operator, adding 59 private aircraft to its fleet
The deal makes Wheels Up the world’s largest Citation X operator and sets it up to be a major player in transcontinental private jet flights
Add Mountain Aviation to the list. After acquiring Delta Private Jets, Gama Aviation Signature, and TMC Jets over the past 19 months, Wheels Up has acquired the 10th largest private jet charter operator in the country.