Contract Fueler Best AeroNet No Longer in Business

 - January 8, 2008, 9:45 AM

Best AeroNet, a business aviation contract fueling company that was launched in the 1980s, is no longer in business, having saddled FBOs through which it sold fuel with more than $2 million in unpaid bills, according to sources close to the situation. In August 2006, Louisiana-based Phoenix Associates Land Syndicate purchased a majority interest in the Best companies, which included Best AeroNet’s fueling operation; the Best Jets Learjet modification and maintenance program; Best’s GE CJ610 engine overhaul facility, now known as Red River Turbines; and Lake Texoma Jet Center at Grayson County Airport in Sherman, Texas. In September the syndicate announced that it would sell Best AeroNet to a management team for more than $4 million, but that sale never went through and Best AeroNet left bills unpaid to FBOs as early as last April. Meanwhile, an investor who loaned money to Phoenix for the Best properties in Sherman foreclosed on those loans and took over operation of the FBO, Red River Turbines and Best Jets. Phoenix did not respond to AIN’s queries by press time.