Jet Direct Planning To Rebrand as Wayfarer Aviation

AINalerts » April 14, 2009
April 14, 2009, 11:43 AM

On Friday, a Massachusetts judge dismissed legal efforts to stop JetDirect Aviation Acquisition Company (JDAAC) from acquiring assets of JetDirect Aviation. According to legal filings by JDAAC, the sale is now expected to occur this week. JDAAC president Robert Pinkas last week also announced JDAAC’s new (but old) name: Wayfarer Aviation. This name traces its roots back to a charter operator that TAG Aviation USA acquired in 1999. Jet Direct purchased assets of TAG Aviation USA in 2007. As part of the legal efforts, launched by current and former JetDirect employees who are owed money for payroll, benefits and expenses, creditor Sovereign Bank filed a memorandum explaining that Sovereign owns all of JetDirect’s assets and has first priority on any money from sale of those assets. Sovereign asserts it is still owed $5 million by JetDirect. Other creditors in order of priority include Contrarian ($38.3 million), TAG Aviation USA ($31.5 million), ABS Capital ($11.8 million) and SJH Capital ($25.4 million). A Pinkas affidavit notes that JDAAC “will hire approximately 500 of the current JetDirect employees, and will maintain 97 of the 120 jets on certificate.”

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