The bankruptcy trustee for debtors associated with JetDirect Aviation filed a complaint on February 20 that could force FBOs, charter operators, maintenance providers and other vendors to refund thousands of dollars for services that they provided and for which they received payment. In early 2009, when Sunset Aviation, Inc.
On June 11, charter/management company Wayfarer Aviation received bridge financing from Arcadia Aviation to continue operations, then four days later Arcadia president Robert Garrett announced that it had signed a purchase agreement to buy Wayfarer Aviation.
Wayfarer Aviation is closing tomorrow, after having let go most of its employees earlier this week. The company was formed last year from the , which attempted to build a nationwide charter/management company by buying nearly a dozen charter firms. However, the timing was disastrous because the complex consolidation was still under way as the economy faltered in 2008.
Wayfarer Aviation is closing tomorrow, after having let go most of its employees earlier this week. The company was formed last year from the assets of bankrupt JetDirect Aviation, which attempted to build a nationwide charter/management company by buying nearly a dozen charter firms. However, the timing was disastrous because the complex consolidation was still under way as the economy faltered in 2008.
The fallout from the failure of JetDirect Aviation earlier this year reverberated throughout the aviation industry, magnifying the effect of the recession on dozens of aircraft owners and operators and the people who fly, maintain and support the aircraft that were, for a brief time, under the JetDirect umbrella.
Since Sentient Jet was purchased by Macquarie Global Opportunities Partners last September, the company has returned to its roots, according to CEO Steven Hankin. Business is down, he concedes, but the slumping economy has forced business travelers to avoid owning capital assets–and therefore moved them toward purchasing jet cards.
Charter/management company Sunset Aviation LLC officially changed its name to Solairus Aviation early last month. Headquartered in Petaluma, Calif., Solairus has more than 40 aircraft under management, half of them on its charter certificate, and expects to receive approval for operating aircraft with 10 or more seats by the end of next month, according to president and CEO Dan Drohan. After starting Sunset Aviation Inc.
As of tomorrow, charter/management company Sunset Aviation LLC officially becomes Solairus Aviation. “It’s not a launch as much as a rebranding by people who have been in this business for a long time,” said Solairus president and CEO Dan Drohan.
Now that JetDirect Aviation has closed and gone bankrupt and Wayfarer Aviation has arisen from the JetDirect assets, former employees of the once high-flying company have branched off in new directions. Wayfarer Aviation is the new charter/management firm owned by Brantley Partners, which purchased assets of JetDirect Aviation after that firm’s shutdown.
A petition for bankruptcy under the Chapter 7 code was filed by JetDirect Aviation with the U.S. bankruptcy court in Delaware last Friday, listing liabilities of $100 million to $500 million. The filing noted that “there will be no funds available for distribution to unsecured creditors.” A meeting of creditors is scheduled for June 18 in Wilmington, Del.
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