Let’s make a deal. The M&A market for private jet operators is hot. Over 50 deals, fundraises, launches, and bankruptcies detailed
(Updated January 6, 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.
The brand and website address for struggling private jet operator has been put up for sale by liquidators in France
It appears, despite statements to the contrary, the end for Wijet may be here.
After its operations in France closed in December Wijet is not responding to phone calls or emails. Its UK operation went into administration in 2018 leaving a trail of unpaid bills.
An executive had claimed it would continue operations in January from Luxembourg.
Instead, judicial agents, Selarl Montravers Yang-Ting, have listed various Wijet assets for sale. They include the Wijet customer file, brand and domain names wijet.com and wijet.fr, plus an office lease.
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: