A Massachusetts judge has granted a petition for a temporary restraining order preventing JetDirect Aviation Acquisition Company (JDAAC) from completing the purchase of assets of JetDirect Aviation, at least until a preliminary injunction hearing is held tomorrow at 11:30 a.m. EDT.
As JetDirect Aviation Acquisition Company nears its planned purchase of assets of JetDirect Aviation, JDAAC chairman Robert Pinkas acknowledged the company’s responsibility to repay money owed to current and former JetDirect employees. AIN has received multiple complaints of bounced paychecks and non-payment of expenses and benefits from both current and former JetDirect employees.
The plan by JDA Acquisition Company (JDAAC) to buy the assets of charter/
JetDirect Aviation this week sold the assets of maintenance provider JetCorp to Flying Colours of Peterborough, Ontario. Current president Bill McLendon remains on board as president of newly named JetCorp Technicial Services, located at Spirit of Saint L St. Louis Airport in Chesterfield, Mo.
On Monday, JetDirect Aviation and JDA Acquisition Company (JDAAC) solidified an agreement for JDAAC’s purchase of JetDirect’s assets.
The owners of Sunset Aviation, the charter/management company sold to JetDirect Aviation in May 2007, have formed a new company called Sunset Aviation LLC. The new Sunset expects to receive its FAA Part 135 certificate within a week or 10 days, according to primary shareholder and CEO Dan Drohan, and should grow from 30 aircraft currently to near 50 by the end of next month and add authorization for 10-or-more-seat jets in about 90 days.
JetDirect Aviation Holdings on Tuesday evening announced that it signed an agreement to sell most of the assets of its charter/management company JetDirect Aviation to JDA Acquisition, signaling a possible solution to the financial problems that have plagued JetDirect during the recession. A group of investors led by Beachwood, Ohio-based Brantley Partners created JDA Acquisition. The sale is expected to be completed early next month.
By the end of next month, JetDirect Aviation expects to close a deal with a private-equity firm “with significant private aviation experience” that will see the charter/management company backed by a new control investor, according to a letter sent to JetDirect clients last week. This follows JetDirect’s selling its three FBOs and unwinding recent acquisitions by selling Presidential Jets and Sunset Aviation back to their original owners.
JetDirect Aviation, the former charter arm of the now-defunct Sentient Jet Holdings, laid off approximately 20 employees late last month. The company has been slowly eliminating administrative positions for the past three months in an attempt to “right-size” following the numerous acquisitions under the Sentient banner, according to JetDirect senior vice president of marketing Gil Wolin.
The break up of Sentient’s jet-card and charter divisions announced on August 13 was finalized over the weekend, according to the two companies involved in the deal. Macquarie Global Opportunities Partners today said it completed the acquisition of the jet membership, retail charter and fuel management business units previously owned by Sentient Jet Holdings.