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(Updated April 12, 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.
Private jet charter operator XJC Jets heads for a hard landing
– In 2016 Chris Phillips was listed one of Britain’s 24 richest people under age 30
– Hari Ravichandran was at onetime named by Forbes as Number 19 on its list of America’s Most Powerful CEOs 40 and under
– Jet card and other claims and losses being analyzed
(Updated Dec. 5, at 9:31 pm) Chris Phillips, who in 2016, was named to a list of the 24 richest people in Britain under the age of 30, is seeing his XJC Jets business grounded, Private Jet Card Comparisons has learned exclusively.
He joins Hari Ravichandran, anointed one of America’s Most Powerful CEOs 40 and under by Forbes, on what appears to be an unsuccessful flight.
Court filings indicate both own more than 25%, but not more than 50% of the private jet charter company.
Documents had previously shown a company where Phillips is CEO, Just Develop It, as the controlling stockholder.